Suntech Power is currently pursuing thin film technology, a low cost PV technology that involves depositing several thin layers of silicon or more complex materials on a substrate such as glass to make a PV cell.

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"Also, light levels are currently increasing year on year and so it would be reasonable that the unit cost of PV generation will decrease in the future, " he said.

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While the low water use and cost of PV will appeal in the desert kingdom, the fact that solar will be displacing power generated from oil means that even CSP based power will produce cost reductions.

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The upfront cost of a PV system is high, but numerous financial incentive programs are in place to help make the technology more affordable.

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Nice thing, no fuel cost, and even after 50 years PV systems will operate at least around 75% of initial capacity.

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Down 40% in the past year, PV modules now account for only about a third of the cost of a power plant.

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But the market expansion of renewable technologies has made possible cost reductions in some sectors, such as wind and solar photovoltaics (PV), and such trends are set to continue.

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