2013, to reach 124.8 terawatt-hours. Europe accounted for the
majority of global solar power consumption (67%), followed
by Asia (23.9%) and North America (8.1%). Worldwide, solar
consumption equaled 0.5% of electricity generation from all
sources.
Despite the record growth in installations, global investments
in solar electricity were down 20% (from $142.9 billion in 2012
to $113.7 billion in 2013), reflecting a significant decrease in
costs. In July 2014, global PV module spot prices reached an
all-time low of $0.63 per watt. For the first time, Asia overtook
Europe as the largest regional market.
While global PV module production increased by only 3%
over 2012, module shipments jumped by 24%, signaling an eas-
ing of oversupply problems.
Prospects are bright for solar development as prices continue
to fall and approach grid parity in an increasing number of cont
exts. Rooftop solar is already less expensive per megawatt-hour
than retail electricity in Australia, Brazil, Denmark, Italy and
Germany. Estimates now also show that PV has become price-
competitive without subsidies in 15 countries. For 2014, solar
installations are estimated to reach 40-51 gigawatts.
Country Highlights from the Report:
• China installed 12.9 gigawatts of PV, the most ever installed
in one year by any country. The country's momentous expan-
sion was fueled largely by its feed-in tariff (FIT) program, which
supports large, grid-connected utility-scale projects as well as
distributed generation projects. However, grid connections are
struggling to keep up with the rapid pace of China's PV deploy-
ment.
• Europe installed close to 11 GW of PV. This represented the
second annual decline in installations after peaking at 22.3 GW
in 2011. In Germany, a reduction of FIT rates and an increase
in regulations for utility-scale projects contributed to the fall in
installations.
• North America added 5.2 GW of PV. The United States
installed the third most PV worldwide, with 4.8 GW.
• In Central and South America, solar development has been
sluggish. Despite power consumption more than doubling in
2013, the region still accounts for a small fraction of the world's
solar power.
• The Middle East and Africa had little PV activity, with the
exception of Israel and South Africa, which added 420 MW and
75 MW, respectively.
www.fueloilnews.com | FUEL OIL NEWS | SEPTEMBER 2014 45
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