PwC say that the conditions are such that there could be a tenfold increase in Solar PV installed capacity in ten years, but only if a number of obstacles are overcome. In order to ‘capture' this potential growth, individuals, government and firms must focus on the five big barriers: Consumer awareness, upfront funding, consistency of policy, access to capital and a UK skills shortage.
Once everyone has adapted to the changes, the FiT and other incentives will drive significant future growth while Solar PV will cease to be a ‘cottage industry' in Britain. The encouraging growth forecasts are tempered, however, by the realisation that current installed capacity of Solar PV is miniscule. Only 0.1% of the country's renewable energy is supplied by PV and after ten years of a FiT, the UK is only likely to reach the levels that Germany is at today.
Many people in the UK do not understand that, especially under a feed-in tariff, the UK can provide more than enough sun to justify a solar panel set-up. The payback achievable on solar PV installations in the UK compares favourably with levels known to have stimulated markets in other countries. Gus Schellekens, the sustainability & climate change director at PricewaterhouseCoopers LLP said, "The focus on PV is timely with recently published roadmap documents outlining the future global potential for PV technologies. While its use in the UK is small today, PV has a promising future if supported by strong government policy that sustains early deployments and supports the technology's transition to cost competitiveness."
One of the main points of the PwC analysis is that incentives and policy must be maintained to ensure consistency and confidence in future returns. Regularly changing incentives and uncertainty could lead to investors holding back causing lower growth. Currently, the UK government is considering a change to the Feed-in Tariff system, promising to establish a full system of feed-in tariffs for electricity. No greater detail has been released at a time when increased clarity would promote economic growth in this area.
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