Sun Towards High Noon Solar Power Transforming Our Energy Future

318 Pages·2017·6.239 MB·English

SUN TOWARDS
HIGH NOON
Pan Stanford Series on Renewable Energy
Series Editor
Wolfgang Palz
Vol. 1 Vol. 5
Power for the World: The Emergence Sun above the Horizon: Meteoric
of Electricity from the Sun Rise of the Solar Industry
Wolfgang Palz, ed. Peter F. Varadi
2010 2014
978-981-4303-37-8 (Hardcover) 978-981-4463-80-5 (Hardcover)
978-981-4303-38-5 (eBook) 978-981-4613-29-3 (Paperback)
978-981-4463-81-2 (eBook)
Vol. 2 Vol. 6
Wind Power for the World: The Rise Biomass Power for the World:
of Modern Wind Energy Transformations to Effective Use
Preben Maegaard, Anna Krenz, Wim van Swaaij, Sascha Kersten,
and Wolfgang Palz, eds.
and Wolfgang Palz, eds.
2015
2013
978-981-4613-88-0 (Hardcover)
978-981-4364-93-5 (Hardcover)
978-981-4669-24-5 (Paperback)
978-981-4364-94-2 (eBook)
978-981-4613-89-7 (eBook)
Vol. 3
Vol. 7
Wind Power for the World:
The U.S. Government &
International Reviews and
Renewable Energy: A Winding
Developments
Road
Preben Maegaard, Anna Krenz,
Allan R. Hoffman
and Wolfgang Palz, eds.
2016
2013
978-981-4745-84-0 (Paperback)
978-981-4411-89-9 (Hardcover)
978-981-4745-85-7 (eBook)
978-981-4411-90-5 (eBook)
Vol. 8
Vol. 4
Sun towards High Noon: Solar
Solar Power for the World: What You
Power Transforming Our Energy
Wanted to Know about Photovoltaics Future
Wolfgang Palz, ed. Peter F. Varadi
2013 2017
978-981-4411-87-5 (Hardcover) 978-981-4774-17-8 (Paperback)
978-981-4411-88-2 (eBook) 978-1-315-19657-2 (eBook)
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Pan Stanford Series on Renewable Energy
Volume 8
SUN TOWARDS
HIGH NOON
Solar Power Transforming Our Energy Future
Peter F. Varadi
editors
PrebenMaegaard
Series Editor
AnnaKrenz
Wolfgang Palz
WolfgangPalz
Contributors
Michael Eckhart
Allan R. Hoffman
The Rise of Modern Wind Energy
Paula Mints
Bill Rever
Wind Power
John Wohlgemuth
Frank P. H. Wouters
for the World
Published by
Pan Stanford Publishing Pte. Ltd.
Penthouse Level, Suntec Tower 3
8 Temasek Boulevard
Singapore 038988

Email: [email protected]
Web: www.panstanford.com
British Library Cataloguing-in-Publication Data
A catalogue record for this book is available from the British Library.
Sun towards High Noon: Solar Power Transforming Our Energy
Future
Copyright © 2017 Peter F. Varadi
All rights reserved. This book, or parts thereof, may not be reproduced in any
form or by any means, electronic or mechanical, including photocopying,
recording or any information storage and retrieval system now known or
to be invented, without written permission from the publisher.
For photocopying of material in this volume, please pay a copying fee
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required from the publisher.
ISBN 978-981-4774-17-8 (Paperback)
ISBN 978-1-315-19657-2 (eBook)

Printed in the USA
Contents
Acknowledgments
Introduction
xi
1. Meteori c Rise of PV Continues x1v
1.1 Sun above the Horizon 2
2. New PV Markets Sustaining Mass Production 9
1.2 Sun towards High Noon 6
2.1 Utilization of the Terrestrial Solar Electricity 10
2.2 Solar Roofs for Residential Homes 13
Allan R. Hoffman
2.3 Grids, Mini-Grids, and Community Solar 24
2.4 Commercial PV Systems 32
Bill Rever
2.5 Utility-Scale Solar 43
2.5.1 Current Status 47
2.5.1.1 Concentrating solar power systems 47
2.5.1.2 Concentrating photovoltaic systems 50
2.5.1.3 Flat-plate photovoltaic systems:
fixed and tracking 51
2.5.2 Future Prospects 54
2.6 Important Large Market: Solar Energy and
Allan R. Hoffman
Clean Water 56
2.6.1 Desalination and Disinfection: Introduction 56
2.6.2 Desalination 56
2.6.3 Disinfection 62
2.6.4 Conclusion 63
John Wohlgemuth
2.7 Quality and Reliability of PV Systems 64
vi Contents
2.7.1 Module Qualification Testing 65
2.7.2 Module Safety Certification 67
2.7.3 Module Warranties 68
2.7.4 Failure Rates in PV Systems 70
2.7.5 Module Durability Data 71
2.7.6 ISO 9000 72
2.7.7 IECQ and IECEE 72
2.7.8 To Further Improve Long-Term
Performance 73
2.7.9 International PV Quality Assurance
Task Force 75
Allan R. Hoffman
2.8 Storage of Electrical Energy 83
2.8.1 Introduction 83
2.8.2 Why Is Electrical Energy Storage
Important? 83
2.8.3 What Are the Various Forms of
Electricity Storage? 85
2.8.4 Applications of Energy Storage and
Their Value 92
2.8.5 Capital Costs of Energy Storage 93
2.8.6 Concluding Remarks 94
Allan R. Hoffman
2.9 Solar Energy and Jobs 95
2.9.1 Introduction 95
2.9.2 What Are the Facts? 95
3. Financing 101
2.9.3 Concluding Remarks 100
3.1 Financing of PV 102
Allan R. Hoffman
3.2 Subsidies and Solar Energy 104
3.2.1 Introduction 104
3.2.2 What Forms Do Energy Subsidies Take? 104
3.2.3 What Is the History of US Energy Subsidies? 105
3.2.4 What Has All This Meant for Solar PV? 108
Contents vii
3.2.5 Concluding Remarks 110
Michael Eckhart
3.3 Wall Street and Financing 111
3.3.1 Policy Drivers for Solar Energy Financing 111
3.3.1.1 The importance of policy to
financing 113
3.3.2 Federal Policies 114
3.3.2.1 Federal RD&D 114
3.3.2.2 Public Utility Regulatory Policies
Act 117
3.3.2.3 Investment tax credits 118
3.3.2.4 Commercialization and
deployment 120
3.3.2.5 Government purchasing 122
3.3.3 State and Local Policies 123
3.3.3.1 Renewable Portfolio Standards
and RECs 123
3.3.3.2 Solar Set-Asides and SRECS 123
3.3.3.3 Net energy metering 124
3.3.3.4 Leading state examples 124
3.3.4 International Policy for Solar Energy
Financing 125
3.3.4.1 Policies of individual governments 126
3.3.4.2 International agencies 129
3.3.4.3 Multi-lateral development banks 131
3.3.4.4 Impact of NGOs on government
policy 132
3.4 Solar Market Segmentation and Financing
Michael Eckhart
Methods 136
3.4.1 Utility-Scale Solar Project Financing 136
3.4.2 Commercial and Institutional
Rooftop Financing 136
3.4.3 Community Solar 137
3.4.4 Residential Rooftop Financing 137
3.4.4.1 PPA model 138
viii Contents
3.4.4.2 Inverted lease 138
3.4.4.3 Loan-to-ownership 139
Michael Eckhart
3.5 Solar Project Financing 140
3.5.1 Traditional Power Generation Financing 140
3.5.2 PURPA and the Development of
Non-Recourse Financing 140
3.5.3 Conditions Required for Project Financing 142
3.5.4 Overall Capital Structure: Equity, Tax
Equity, and Debt 143
3.5.5 Tax Equity Using the Investment Tax Credit 144
3.5.6 Bank Loans 145
3.5.7 Institutional Capital 146
3.5.8 Project Bonds 147
Michael Eckhart
3.6 Capital Market Investment in Solar Securities 148
3.6.1 Equity Market Investment in Solar
Companies 148
3.6.2 Yieldcos and Other Portfolio Companies
and Funds 150
3.6.3 Green Bonds 153
3.6.4 Securitization 155
Michael Eckhart
3.7 Summary 157
4. Present and Future PV Markets 161
3.8 Glossary 158
4.1 The Global View of PV 162
4.2 The Present and Future of Neglected PV Markets:
Frank P. H. Wouters
Africa and the Middle East 164
4.2.1 Introduction 164
4.2.2 Africa 166
4.2.3 Middle East and North Africa 183
Paula Mints
4.3 The Present and Future Market in the Americas 192
Contents ix
4.3.1 The United States of America 194
4.3.2 Canada 204
4.3.3 Countries in Latin America 205
Paula Mints
4.4 The Present and Future Markets in Europe 208
Paula Mints
4.5 The Present and Future Markets in Asia 220
4.6 PTahuela P Mreinstesn t and Future Markets in Australia
and in Oceania 231
4.7 FGrlaonbka Pl. CHo. Wmomuutenrsity Unites to Advance Renewable
Energy: IRENA 236
4.7.1 Start of IRENA 238
4.7.2 Hermann Scheer 239
4.7.3 IRENA’s Roots and Early Days 241
4.7.4 Institutional Setup 246
4.7.5 Hub, Voice, Resource 247
4.7.6 IRENA’s work 248
4.7.7 The Way Forward 252
5. The Impact of Solar Electricity 255
4.7.8 Glossary 254
5.1 The Impact of Solar Electricity 256
5.2 In the Twilight of Big Oil, in Retrospect,
PV Was a Missed Boat 259
5.3 PV and the Brave New World of the
6. The Future of PV 281
Electric Utilities 267
Wolfgang Palz
Outlook to the Future 282
About the Contributors
Index
291
295