Solar energy is set to become the cheapest source of electricity in many parts of the world within the next 10 years, according to a new report released by German think tank, Agora Energiewende.

The report was commissioned by the independently funded organisation, designed to steer Germany towards its 80 per cent renewable energy target.

Chief executive officer Dr Patrick Graichen said they wanted to see if recent falls in the cost of photovoltaics would continue.

“The finding is there’s no end to the cost decline in photovoltaics,” he said.

“The technology still has further improvements so we expect that within the next 10 years photovoltaics will become, in many regions of the world, the cheapest source of electricity.”

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