Solar delivers the lowest-cost new electricity at massive scale.
Utility‑scale PV now posts unsubsidized LCOE figures roughly in the $24–$96 per MWh range, with best‑in‑class projects in the mid‑$20s to $30s according to recent industry assessments. Module spot prices fell to roughly $0.15–$0.20 per watt in 2023, unlocking unprecedented project economics. The technology continues to benefit from an experience‑curve learning rate around 20–25%, meaning costs drop markedly with every doubling of cumulative capacity. Reflecting this momentum, the world added well over 400 GW of solar in 2023 alone, far outpacing other generation technologies.
PV’s solid‑state simplicity translates into exceptional reliability and low O&M.
Solar arrays have no gearboxes, blades, or rotating shafts—just modules, racking, wiring, and inverters—so routine maintenance is minimal and predictable. Modern modules carry 25–30‑year warranties and degrade slowly at about 0.3–0.5% per year, enabling bankable long‑term output forecasts. Failures are modular and localized, so a single component issue doesn’t take down large portions of capacity. This simplicity reduces truck rolls, spare‑parts complexity, and lifetime operating expenses.
Power‑electronics make solar a highly controllable, grid‑supportive resource.
Advanced inverters provide near‑instantaneous reactive power, voltage control, and frequency support, and can ramp or curtail output on sub‑second timescales. Aggregated solar fleets exhibit day‑ahead forecast errors typically in the single‑digit percent range, improving unit commitment and reducing reserve needs. Crucially, solar’s midday profile aligns with air‑conditioning‑driven peaks in many regions, shaving the most expensive hours of demand. Co‑locating batteries with PV further shifts energy into evening peaks, turning predictable daytime output into firm, dispatchable capacity.
Unmatched siting flexibility and speed let solar plug in almost anywhere, fast.
PV scales from a 5‑kW rooftop to 500‑MW‑plus utility plants, and it can utilize rooftops, parking canopies, brownfields, landfills, and agrivoltaic layouts without noise or tall‑structure constraints. Distributed siting places generation close to load, easing transmission bottlenecks and losses. Typical timelines range from weeks for residential to months for commercial and roughly 6–18 months for large utility‑scale builds, enabling rapid capacity additions. This modularity lets planners right‑size projects to grid needs and interconnection opportunities with minimal disruption.