And, ultimately, it’s the answer. Eventually the capacity of solar cells will increase, the cost to manufacture them will go down, and battery storage will improve such that sunlight collected on a sunny day can be used during a cloudy week.
Perhaps sooner than one might think. According to the giant consulting firm McKinsey & Company, solar capacity globally will soar as costs fall by an average of 10 percent a year through 2020. It should become cost competitive with fossil fuels in a decade, the report says.
“The pace of cost reductions has been staggering. When companies are building new energy infrastructure, solar will be a competitive option within this decade,” report author Krister Aanesen said in a news release. “It will be cost comparable to peaking plant within two to three years in some countries and comparable with base load plants by the end of the decade.”