Potential residential PV development in Chile: The effect of Net Metering and Net Billing schemes for grid-connected PV systems

In recent years the global photovoltaic (PV) market has expanded rapidly due to a sharp decline in PV prices and increased attention to the importance of sustainable energy. Northern Chile has one of the highest irradiance levels in the world as well as one the highest electricity rates in Latin America. Because of these conditions, Chile is one of very few countries where several PV projects are being developed without government subsidies and consequently, the PV industry is experiencing rapid growth.