An extensive study by the Massachusetts Institute of Technology suggests that, despite unevidenced claims to the contrary, current solar panel technology is capable of delivering all the electricity a modern household could need. According to the 356-page report – The Future of Solar Energy – solar panels could, with the proper investment, deliver terawatts of electricity by 2050. MIT maintains that it is not the technology that is holding solar power back, but the investment, with researchers calling for increased funding from the US government.
“The recent shift of federal dollars for solar R&D away from fundamental research of this sort to focus on near-term cost reductions in c-Si technology should be reversed,” the report reads.
Richard Schmalensee, Professor Emeritus of Economics and Management at the MIT Sloan School of Management, said, “What the study shows is that our focus needs to shift toward new technologies and policies that have the potential to make solar a compelling economic option.”
“Massive expansion of solar generation worldwide by mid-century is likely a necessary component of any serious strategy to mitigate climate change,” reads the conclusion of the study. “Fortunately, the solar resource dwarfs current and projected future electricity demand. In recent years, solar costs have fallen substantially and installed capacity has grown very rapidly.”