Although energy generation capacity of PV systems has increased 63% annually over the last decade, the installed base of PV systems today only meets a small percentage (0.2%) of worldwide energy demand.

Technological innovation and manufacturing efficiencies continue to drive the cost reductions that lead to rapid industry growth. In the last five years alone, the unit cost for PV technology has fallen 66%.

However, the average cost of PV power generation remains above $0.30 kWh, still relatively high compared to less than $0.10 kWh electricity cost from conventional sources.

IPV's technology will help the industry continue lowering these PV generating costs.