Solar Photovoltaic (Solar PV) is the leading investment in Renewable Energy globally. Solar PV Power Plants are engineered to deliver usable solar energy through photovoltaics. They include solar panels (solar array) to absorb and convert sunlight into electricity, a solar inverter to switch from DC to AC, and various mounting, cabling, and electrical components (balance of system (BOS)). Optional features may enhance performance, such as a solar tracking system or an integrated battery solution known as Solar-Plus-Storage.
Concentrated Solar Power (CSP) offers another approach to utilising solar energy, where a fluid is heated in pipes within parabolic receivers, generating steam for turbines. Alternatively, mirrors can be concentrated in a tower. While CSP is more costly and challenging to operate compared to PV, it has the advantage of storing solar energy heat in molten salts, allowing plants to produce electricity on demand for several hours after sunset. This characteristic makes CSP a dispatchable solar energy source.
Currently, CSP technologies often struggle to match the pricing of PV panels, which have seen significant growth due to decreasing costs and lower operating expenses. CSP requires substantial direct solar radiation, and its energy production drops significantly with cloud cover, unlike PV, which can generate electricity from diffuse radiation.