The Bright Future of Solar Power
Big changes are on the horizon to emphasize the bright future of solar power. In an effort to accelerate the deployment of this valuable energy-generation resource, the U.S Department of Energy’s (DOE) Solar Energy Technologies Office (SETO) has revised previous goals to now cut the cost of solar energy by about two-thirds by 2030. In this blog, we’re explaining the potential impacts of the new SunShot 2030 plan, and how your facility can benefit.
From Humble Beginnings
Spearheaded by SETO, the original SunShot initiative began in 2011, with the overall goal to even the playing field for solar electricity costs by researching and developing new solar technologies. It sought to rally the solar industry around a combined effort to reduce the levelized cost of energy (LCOE) for utility-scale photovoltaic solar power to $0.06 per kilowatt-hour (kWh) by 2020. It was a complete success—the goal was achieved ahead of schedule in 2017.
A New Goal
In 2021, the DOE announced a new objective to lower the LCOE benchmark for utility-scale photovoltaics to $0.02/kWh by 2030. If the new goals are achieved, solar could become one of the least costly sources of electricity across most of the country. Assuming the U.S. reaches its objective to build a 100 percent clean electric grid by 2035, PV solar technology could potentially account for between 30–50 percent of the country’s electricity supply. These benchmarks aren’t only for utilities, either—the DOE has also set specific goals for reducing the costs of residential and commercial solar energy.
In addition to cutting the cost of solar energy, the DOE plans to spend nearly $128 million over the next ten years to improve performance and accelerate the deployment of solar energy technologies.