China is currently an important leader in the solar energy production market, but it plans to double its solar energy output from 5GW to 10GW. According to a report made by Ernst & Young a few days ago, China is the most attractive country in the world for renewable energy investors. This could be the reason why it is preparing to double its solar capacity.
At a solar energy research center in Shanghai, about 6,000 solar panels are able to produce 1 million kilowatt-hours of electricity each year, enough to provide energy for 300 homes.
“The drop in the cost of solar energy is about 10 per cent to 20 per cent each year. This is to say in 2015 the cost of supplying solar electricity is basically about the same as our electricity fees right now. That will be an era whereby solar energy is used on a large scale,” said Dr. Hao Guoqiang, vice president of the Shanghai Solar Energy Energy Research Center.
Researchers are optimistic regarding the fall of the solar power cost, believing that clean energy can be used more widely to ease China’s power shortage by 2015. They said that the country’s main goal is to increase solar power capacity from 20GW to 50GW by the end of 2020.