|Solar photovoltaic panels.|
Solar photovoltaic panels "constitute the fastest growing renewable energy technology in the world since 2000 although solar is still less than 1 percent of energy capacity worldwide," Sarah McFarlane reports for Reuters. Solar photovoltaic panels capture the sun's energy using photovoltaic cells and convert the sunlight into electricity, says Energy Saving Trust. "These cells don't need direct sunlight to work—they can still generate some electricity on a cloudy day."
IEA Executive Director Maria van der Hoeven said in the report, “The rapid cost decrease of photovoltaic modules and systems in the last few years has opened new perspectives for using solar energy as a major source of electricity in the coming years and decades. However, both technologies are very capital intensive: almost all expenditures are made upfront. Lowering the cost of capital is thus of primary importance for achieving the vision in these roadmaps.” (Read more)