The Path to Future‐Proof Photovoltaics in Europe: Current Status and Impact of Technological Innovation on Reliable and Bankable Photovoltaics

With photovoltaics becoming mainstream and hundreds of gigawatts of capacity being added worldwide each year, it is vital that PV systems reliably generate electricity over extended lifetimes while ensuring sustainability from energy, environmental, and investment perspectives. The introduction of novel PV designs and technologies must meet the demand for improved field performance and reliability through continuous innovation, refinement, and adaptation. This study provides an overview of the state of the art and anticipated future developments in PV technology and examines how changes in the technology and design of individual PV components at module level, balance‐of‐system level, and PV system level can affect the reliability, durability, and energy output of PV installations. We further describe the impact of failures on energy yield, economic viability, and bankability of solar projects, and illustrate how preventive and corrective maintenance, as well as data‐driven mitigation measures, can contribute to lifetime extension and strengthen investor confidence. Finally, we present an overview of the key performance indicators, quality assurance measures, and risk profiles that determine the technical and financial viability of PV projects.