Renewable energy just hit a new landmark in India and Italy, as Deutsche Bank reports that solar power is finally available at the same cost as traditional electricity in the two countries. The bank’s global solar demand forecast for 2014 also predicts that demand for solar power will soar 20% – particularly in China, the U.S. and the U.K. The German bank expects India and Italy’s achievement to inspire other countries, making solar power accessible to even more consumers.
The cost of installing photovoltaic arrays in India is quite high, yet despite this expense the country has achieved grid parity for solar power in a feat for green energy. Due to India’s incentive to expand solar energy, Deutsche Bank is forecasting an optimistic jump in the world’s solar energy demands, anticipating that India will be able to produce between 1 and 2 gigawatts of solar energy.
As for the United States, Deutsche Bank predicts the residential solar market to increase to 1 GW and the commercial market to hit 2GW with the completion of a giant solar farm already under construction in the Mojave Desert.
Now that Italy and India have reached grid parity, solar energy is on the road to being a commonplace energy source, rather than just an alternative.
Photos by BrightSource Energy