Citi has just named solar photovoltaics, which convert solar radiation into electric currents via semiconductors, to its list of 10 world-disrupting technologies. In a note this week in advance of the disruption report, Citi's Jason Channell said that in many cases, renewables are already at cost parity with established forms of electricity sources. The biggest surprise in recent years has been the speed at which the price of solar panels has reduced, resulting in cost parity being achieved in certain areas much more quickly than was ever expected; these fast 'learning rates' are likely to continue, meaning that the technology just keeps getting cheaper. At peak solar exposure, parts of the southwest U.S. are now already capable of meeting their electricity needs via solar panels. The rapidly expanding parity provides enormous scope for growth in the solar industry, driven by standalone economics as opposed to subsidies, which are becoming ever scarcer in an austerity-driven world. Gas isn't going away, but renewables are coming on strong.
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