Report: Solar Power Set To Challenge Fossil Fuels In Next 10 Years

A report this week from the IEEE, the Institute of Electrical and Electronics Engineers, says that photovoltaic power has the potential to become the most, economical form of generating electricity, compared to even traditional, fossil fuels, within the next 10 years. According to the industry group, the cost parity will come from improved efficiency of solar PV cell technologies, and economies of scale in manufacturing. Citing information from the International Energy Association (IEA), the IEEE said solar PV is expected to provide 11 percent of global electricity production by 2050. The group did not examine how another technology sprouting in Southern California's deserts -- solar thermal power generation -- will influence that solar power mix. California already gets around 11.6 percent from renewable sources, including both solar and wind, geothermal, and small hydroelectric facilities; the state is now aiming at having 33 percent of power in the state generated by renewable sources by 2020.