Japan and China have national programs aimed at commercial scale Space-Based Solar Power (SBSP). The China Academy of Space Technology (CAST) won the 2015 International SunSat Design Competition with this video of their Multi-Rotary Joint design. Proponents of SBSP claim that Space-Based Solar Power would be clean, constant, and global, and could scale to meet all planetary energy demand. A recent multi-agency industry proposal (echoing the 2008 Pentagon recommendation) won the SECDEF/SECSTATE/USAID Director D3 (Diplomacy, Development, Defense) Innovation Challenge.
The typical cost factors for solar power include the costs of the modules, the frame to hold them, wiring, inverters, labour cost, any land that might be required, the grid connection, maintenance and the solar insolation that location will receive. Adjusting for inflation, it cost $96 per watt for a solar module in the mid-1970s. Process improvements and a very large boost in production have brought that figure down to 68 cents per watt in February 2016, according to data from Bloomberg New Energy Finance. Palo Alto California signed a wholesale purchase agreement in 2016 that secured solar power for 3.7 cents per kilowatt-hour. And in sunny Dubai large-scale solar generated electricity sold in 2016 for just 2.99 cents per kilowatt-hour – "competitive with any form of fossil-based electricity — and cheaper than most."
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. In 2017, solar power provided 1.7% of total worldwide electricity production, growing at 35% per annum.