1) Low efficiency and high cost of both PV and CSP technologies.
2) Durability issues, mainly for PV technologies.
3) Intermittent nature of solar irradiance, which necessitates the usage of electrical and/or thermal storage subsystems. This considerably adds to the cost and size of the solar system and lowers its efficiency further.
4) Lack of public acceptance and government support in the forms of energy subsidies and private funding. Both of which are dependent on achieving higher durability and efficiency for solar technologies.
If you look at statistics from the past decade, you will notice a rapidly-increasing penetration for solar technologies into the energy market. However, technical breakthroughs are still needed, especially in the PV sector, to make solar power competitive with the current alternatives.
"Depending on the location and design of your system, the typical home installation ranges from 3 to 7 kilowatts and costs between $18,000 to $40,000 to purchase."
It is still not economical unless some state funding is provided. For solar energy to take off:
In order to better profit from our sun the newest technologies are to be supported in biological systems. This is called bio-inspired engineering, and complex engineered systems. By and large, living systems do profit much better from the energy of the sun: bacteria (photosynthesis, f.i.).
The general framework of such endeavors is: complexity science.
(I hope the system works this time. It's been the fourth time that the system - RG - uploads my answer incomplete, and I have to edit and complete over and over again!).
I have question to Mr.Demetris Christopoulos. The maintenance cost of Solar PV is very minimal. Please let us know your views, as you had mentioned as expensive.
To Vijaykumar: imagine a solar installation of photovoltaics in a countryside. Could you leave that expensive investment without any kind of safekeeping and security? Of course not. But security is not free of charge, sorry.
Solar energy will be the new source energy that would be valuable for humanity, and only time will prove this. But, the cartel of oil (petrol) seems imposing his own rules in the world, in addition, of the focus of the bulk of automobile industries on motor working with oil and the researches conducted to enhance the solar technology remains limited.