The political purpose of incentive policies for PV is to facilitate an initial small-scale deployment to begin to grow the industry, even where the cost of PV is significantly above grid parity, to allow the industry to achieve the economies of scale necessary to reach grid parity. The policies are implemented to promote national energy independence, high tech job creation and reduction of CO2 emissions. Three incentive mechanisms are often used in combination as investment subsidies: the authorities refund part of the cost of installation of the system, the electricity utility buys PV electricity from the producer under a multiyear contract at a guaranteed rate, and Solar Renewable Energy Certificates (SRECs)
Previously, the largest U.S. city fully powered by renewables was Burlington, Vermont (pop. 42,000), home to Senator Bernie Sanders, the jam band Phish and the original Ben & Jerry’s. Georgetown’s feat is all the more dramatic because it demolishes the notion that sustainability is synonymous with socialism and GMO-free ice cream. “You think of climate change and renewable energy, from a political standpoint, on the left-hand side of the spectrum, and what I’ve done is toss all those partisan political thoughts aside,” Ross says. “We’re doing this because it’s good for our citizens. Cheaper electricity is better. Clean energy is better than fossil fuels.”
Renewable energy technologies are getting cheaper, through technological change and through the benefits of mass production and market competition. A 2011 IEA report said: "A portfolio of renewable energy technologies is becoming cost-competitive in an increasingly broad range of circumstances, in some cases providing investment opportunities without the need for specific economic support," and added that "cost reductions in critical technologies, such as wind and solar, are set to continue."[99]
The International Energy Agency projected in 2014 that under its "high renewables" scenario, by 2050, solar photovoltaics and concentrated solar power would contribute about 16 and 11 percent, respectively, of the worldwide electricity consumption, and solar would be the world's largest source of electricity. Most solar installations would be in China and India.[2] In 2017, solar power provided 1.7% of total worldwide electricity production, growing at 35% per annum.[3]
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