The rise of solar power brings falling costs, increased savings and more reliability.
Over the last five years, Lebanon has been in the midst of a solar energy revolution. Solar Photovoltaic (PV) technology, once considered to be expensive to install and operate, has become increasingly cost-competitive in a relatively short period of time.
In late September 2016, the United Nations Development Programme’s (UNDP) Decentralized Renewable Energy Generation Project published Lebanon’s first Solar PV Status Report, which detailed the year-over-year market growth at 149 percent for 2015, with a total installed capacity of 9.45 mega-watt and a total investment amount of $30.5 million.
To further understand the dynamics of the market and anticipate its future outlook, the report examined the cost, financing, growth and sector share of Solar PV. One of the report’s key findings is blatant: the industrial sector has a lot of potential to unlock through investment in Solar PV.
[Photo by Ahmad Moussaoui | Flickr]