The use of solar energy is growing rapidly, with global installed capacity increasing from 5 GW in 2005 to more than 140 GW in 2014, led by Germany, China and Italy. Capacity is doubling every 2.5 years, and has exceeded 300 GW by 2016.
Solar PV is a mature technology, and widespread adoption is happening because the price has fallen so dramatically. In 1980, a solar module cost $75 per watt. In 2014, it cost $0.75.
In 1998, the installed cost of household solar PV cost $11 per watt. By 2014, it had fallen to $3.50 to 4 per watt.
In 2014, a utility-scale solar installation costs as little as $1.50 a watt in Australia, Texas and California, which converts to a 30-year levelized cost of 9 cents kwh. In Ontario, the utility-scale price is $2.00 – $2.50 a watt.
In Canada, Ontario leads other provinces with 1,235 MW of installed solar PV in 2014 and 939 MW under development.