Hello fellow solar enthusiasts! Today, I’m extremely excited to dive into a topic close to my heart – the global photovoltaic (PV) market. Every fraction of progress, every watt added to the solar community strengthens our collective effort to achieve clean energy and mitigate climate change.
As per a recently published snapshot by the International Energy Agency Photovoltaic Power Systems Programme (IEA PVPS), our global PV farm can now wave its flag high, having achieved an astounding capacity of 1.6 Terawatt (TW) in 2023. Up from 1.2 TW the previous year, the analysts point to a significant installation of almost 446 GW of new PV systems, contributing to this impressive run. Isn’t that quite thrilling to consider?
Now, as a solar expert and an ardent believer in the power of sunlight, one of the aspects that draw me to solar are the continuously evolving dynamics of solar companies. You see, solar companies are always on their toes. Last year witnessed a massively oversupplied market leading to a steep plunge in module prices. In a market this volatile, it is quite tough to match the oscillating rhythm of production and demand. But it is just this dance between production and demand that keeps the market vibrant and the opportunity for solar panels for your home quite appealing.
Zooming out a little, let’s delve into the rooftop and utility-scale solar array for home segments. Both boasted growth in 2023. About 45% of new capacity came from rooftops – that’s a tremendous feather in the hat for residential investors and an indicator for anyone thinking about installing solar for their home.
I say this often, and I’ll say it again today – prosumers are the future. As the cost of PV slides down, prosumers – that’s you and me folks, investing in our solar futures – are rapidly becoming market movers. There’s a noticeable shift away from net metering with the falling costs of PV.
The report notes a twofold increase in the number of countries having theoretical penetration rates above 10%, doubling to 18 just last year. This startling increase means that more and more people are warming up to the idea of solar, and that’s a huge win for the industry.
On the other hand, this sharp increase in PV penetration is presenting a challenge for transmission and distribution system operators, who now need to anticipate and manage PV more proactively. To smooth the transition towards greater solar adoption, we’ll need new governance models that match market and climate policy-driven deployment targets.
Finally, in the grand scheme of the energy transition, the report underscores solar is undoubtedly a significant player. In 2023, solar made up more than 75% of all new renewable electricity technologies due to consistent cost reduction, better technical performance, and accessibility.
In summary, the solar industry is surging with a pace that’s about as astonishing as the sun’s energy itself. As a solar enthusiast and this community’s keen observer, it’s thrilling to watch. Let’s keep harnessing the sun’s might, powering our homes, and shaping a cleaner, brighter future.
As always, I’m keen to hear your experiences and thoughts. How are you harnessing solar power? If you’re looking for advice or guidance, don’t hesitate to leave a comment or shoot me a message. Here’s to more hours in the sun!
Original Articlehttps://pv-magazine-usa.com/2024/04/19/global-pv-capacity-hit-1-6-tw-in-2023-says-iea-pvps/
