A new product will make solar energy dirt cheap. Solar power used to have a payback of about 20 years. The lifespan of photovoltaic (PV) panels was about 20 years, making solar a difficult sell given the high cost. We knew one day the price of PVs would become cheaper than fossil fuels and that day is not far off. While oil prices are coming down, so are PVs –the price of solar and other green technologies are offering affordable options to renewable power. In fact, some projections see the cost of solar becoming cheaper than fossil fuels within five years. Researchers developing the new solar cell made with perovskites (current technology uses silicon), project the technology will cost just 10 to 20 cents per watt. Currently, solar costs around 75 cents a watt. The U.S. Department of Energy projects 50 cents per watt will allow solar power to compete with oil.
A new start-up Oxford Photovoltaics is commercializing the product. Meanwhile, solar cells made with silicon are also coming down in price. All this is great news for achieving net zero at an affordable cost.