Solar photovoltaic (PV) prices are declining in an aggressive fashion, and although we are now witnessing a widespread drop in project pricing, the industry is still making money, said an industry expert.

“Since 2008, the cost of solar PV has continued to decline due to cost of systems, and the historically low price of capital,” added Sami Khoreibi, CEO of Enviromena, a provider of utility scale grid-connected solar photovoltaic systems.

“Every time global supply doubles, we can confidently assume an over twenty per cent decline in system costs. This is happening every two to three years,” he explained, speaking on a panel during the recently concluded Intersolar 2016, a solar energy event in Dubai, UAE.

Khoreibi was joined by senior panelists from First Solar, Acwa Power, the EU-GCC Clean Energy Network and Irena to discuss the aggressive decline in the cost of developing solar PV plants.

The panelists agreed that solar PV is now by far the most competitive energy option where you have access to cheap land resources, abundant sun, and reasonably priced investment. – TradeArabia News Service