With subsidies for solar evaporating in developed, highly-penetrated markets, emerging markets with high solar resources will see demand grow at unprecedented rates. The shifting dynamic opens the door for high-concentrating photovoltaics (HCPV), as it is projected to display the fastest relative growth when compared with incumbent photovoltaic (PV) technologies. In this report, we take a close look at the cost structure and the levelized cost of electricity (LCOE) of HCPV systems with four different optics types and consider the factors that can reduce costs, such as efficiency improvements, economies of scale, and increased access to project capital. Considering current market trends, expect to see HCPV fully competitive with crystalline silicon technology on an LCOE basis before 2020 – though whether any firms will remain alive to compete then is in question.
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