20 Jan Solar energy costs to reach record lows in 2017
Solar energy costs are set to drop to record lows over the following year, after two world records were set in the middle-east last year.
Authorities in Dubai and Abu Dhabi last year received the cheapest bids on record to build solar photovoltaic (PV) plants.
Dubai Electricity and Water Authority received a bid of 2.99 cents per kilowatt-hour (kWh) from developers last May, a figure which was subsequently broken in Abu Dhabi in September.
A bid of 2.42 cents per kWh was received by Abu Dhabi Water and Electricity Authority for a project at Sweihan, which will produce 350MW of energy when fully operational.
Ivano Iannelli, CEO of Dubai Carbon Centre of Excellence (Dubai Carbon) predicted solar costs to further decrease over the next year.
He said: “Solar PV (photovoltaic) cost will further go down below 2 cents per kWh this year [beyond 2.42 cents/kWh record set in Abu Dhabi last year].”
Iannelli added that ‘about US$77 trillion investments are available in the international market for green projects, according to World Green Economy Organisation in Dubai’.