We know about the global solar PV growth curve, but what about the EV curve? Turns out, the path that electric vehicle penetration is currently on looks strikingly like the remarkable path solar has been charting – and perhaps not without reason.
In its latest snapshot of the global PV market – the Photovoltaic Power Systems Program, or PVPS – the International Energy Agency included the above chart, which shows an interesting symmetry between the two game-changing, low-carbon technologies.
And while the report notes that the link between PV development and EVs is “not yet straightforward,” the IEA says it could emerge as a reality – and rapidly.
That’s because, the arrival of one – cheaper and more abundant solar PV – works to facilitates the unstoppable rise of the other: renewable energy charged battery electric vehicles. And before you know it, PV and EVs are in lock-step.
Here’s how the IEA PVPS report explains it:
“To charge electric vehicles during work hours, the need for additional energy sources will become a key, while concepts such as virtual self-consumption will rapidly get the favours of many,” the report says.
“The accelerated development of the EV market could be compared to the development of the PV market, with similar penetrations.
“With more than 1.2 million electric vehicles sold in 2017 (or 1.5 per cent of the global car market), the penetration of this industry could reach the same level as the PV penetration in the power sector in the coming years and then evolve even faster.”