Aerial photo taken on Sept. 19, 2019 shows staff members examining solar panels on the rooftop of a local automobile maker in Huzhou, east China's Zhejiang Province. New energy sources including distributed photovoltaic systems and wind farms have taken increased shares in the power supply of Huzhou since the city adopted a low-carbon development plan. (Xinhua/Xu Yu)

Photovoltaic (PV)-generated solar power will become China's largest form of electricity supply by 2050, accounting for about 40 percent of the country's electricity consumption, according to a report drafted by LONGi Green Energy Technology Co, a Xi'an based solar technology company.

The report, in collaboration with the Energy Research Institute of China's National Development and Reform Commission, one of China's top think tanks on energy, and Shaanxi Coal Chemical Industry Group Co, predicted that by 2025, PV power generation will be one of the most economical power generation technologies, and continuous technological evolution has brought down the costs of PV-generated power. 

According to the report sent to the Global Times on Tuesday, by 2025, the cost of electricity by newly installed PV power stations is expected to be less than 0.3 yuan ($0.043)/ kWh, making solar power a more affordable energy choice. 

In 2035, the cost of solar power will be reduced to about 0.2 yuan/ kWh, and in 2050, the cost is expected to 0.13 yuan/ kWh.

From 2020 to 2025, China's PV industry will likely pick up speed in deployment. In 2025 and 2035, the total installed capacity of China's PV power generation will reach 730 gigawatts (GW) and 3,000 GW, respectively. By 2050, total installed capacity will reach to 5,000 GW, and PV will become China's largest electricity source, accounting for about 40 percent of the national electricity consumption that year, the report said. 

It is high time to redefine the role for the PV industry in energy transformation and in the efforts on tackling climate change issues, said Li Zhenguo, founder and president of LONGi Group. 

China's installed PV capacity rose 15 percent year-on-year by the end of September, data from National Energy Administration (NEA) showed.

Total PV installations amounted to 190.19 GW, with 15.99 GW of capacity added in the first three quarters, the NEA said, adding that PV power generation came in at 171.5 billion kilowatt-hours during the January-September period, up 28 percent from the same period last year.

China is also taking the lead in PV development globally, with an internationally competitive and comprehensive industrial chain.

China saw strong growth in exports of PV products in the first 10 months of this year, up 32.3 percent year-on-year, and exports of PV products amounted to $17.74 billion, surpassing the whole volume of 2018, according to Xinhua News Agency, citing data from the China Photovoltaic Industry Association.