The UK Department of Business, Energy and Industrial Strategy has forecasted large-scale solar power generation as the cheapest form of electricity generation in the near future.
The analysis looked at solar PV, onshore wind, offshore wind and combined-cycle gas turbines (CCGT).
The department’s “Electricity Generation Costs 2020” report predicts that commercial solar generation will cost less than onshore and offshore wind, and even half that of gas turbine alternatives.
Image: CAPEX estimates for large scale solar, onshore and offshore wind and gas turbines from 2025 to 2040
Solar industry view
Chris Hewett, chief executive of the Solar Trade Association stated: “The industry has known for a long time that large-scale solar is one of the cheapest power technologies available today, and we are pleased that this has now been officially recognised.”
UK Governments view
The UK Government recently called for evidence to support the belief that renewable generation could quadruple in total capacity over the next thirty years or so. Modelling with the CAPEX of solar PV projected to fall, the Government is considering the potential for substantial solar PV capacity growth in the coming years.
The long awaited Energy White Paper has now been published, stating that the UK has set a world-leading net zero target making it the first major economy to do so, and stipulating that setting a target is not enough, we need to achieve it.
The white paper opens with the statements…
“We are on the cusp of a global Green Industrial Revolution”.
“The Prime Minister’s Ten Point Plan has set out the measures that will help ensure the UK is at the forefront of this revolution, just as we led the first over two centuries ago.”
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