100 million households worldwide could be powered by solar panels by 2020, says Bloomberg New Energy Finance. The report which was commissioned by the World Bank-backed Lighting Global initiative, predicted that off-grid solar technologies will become mainstream over the next five years.
The global off-grid solar market has expanded to $700 million and is expected to grow to $3.1 billion by the end of the decade.
"The sector has attracted more than $511m of investment to date (including to specialised intermediaries), with a sharp increase in recent years and most attention going to PAYG companies," said Itamar Orlandi, BNEF’s head of applied research.
Interest from corporations such as Google and Facebook are also providing a considerable boost to the industry.
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