Contributions of Solar Photovoltaic Systems to Environmental and Socioeconomic Aspects of National Development—A Review

Presently, the world is undergoing exciting haste to install photovoltaic (PV) systems in industry, residential/commercial buildings, transportation, deserts, street lights, and many other applications. Solar photovoltaic energy systems are clean and reliable energy sources that are unlimited, unlike their fossil fuel counterparts. The energy market is rapidly growing globally with newly and cumulative installed capacities of about 37.6 GW and 139.6 GW, accounting for 53% and 55%, respectively, in 2017, making it one of the fastest-growing industries. The cumulative photovoltaic installations are projected to have reached 600 GW worldwide and are projected to reach 4500 GW by 2050 because of the strategies and policies of many countries. In 2021, more than three-quarters of the developed countries are now home to one solar installation. This article evaluates a critical and extensive review of the contributions of solar photovoltaic systems to national development. The approach follows all steps, starting with capturing photovoltaics on the Earth’s surface, then price reduction, load management, and socioeconomic impact of solar photovoltaic systems. From the study, it is found that the policies and strategies adopted by the leading countries, such as tax credits, capital subsidies, net-metering, VAT reduction, feed-in tariffs (FiTs), and renewable portfolio standards (RPS), have significantly helped in more installations. Additionally, the significant drop in photovoltaic module prices from 4731 $/W in 2010 to 883 $/W in 2020 has boosted the move for more installations. Based on the findings, approximately 10 million permanent employments would be put in place by advancing solar power across the globe annually.