Document summary
Due to the financial crisis and legislative changes the supply-demand balance in the solar industry has been strongly impacted. The industry is approaching grid parity as solar module prices dropped up to 40% during 2009. Currently solar electricity remains more expensive than retail electricity but Credit Suisse expects it to be cost competitive by 2015 and even earlier, for instance in Italy. Once grid parity is reached lower volatility and sustainable growth in demand is forecast up to double-digit levels.