How has solar growth impacted the US?

Growth in the US is mainly driven by significant additions of utility-scale solar capacity, which made up over 80% of additions in the first six months of 2024. Solar installations totalled 20 GW from January to June 2024, a 55% increase over the same period last year. This follows a 46% increase in installations in 2023 compared to 2022.

Will solar power be the world's biggest source of electricity?

The next ten-fold increase will be equivalent to multiplying the world’s entire fleet of nuclear reactors by eight in less than the time it typically takes to build just a single one of them. Solar cells will in all likelihood be the single biggest source of electrical power on the planet by the mid 2030s.

Will solar power meet 35% of global power generation by 2025?

According to the International Energy Agency (IEA), renewable capacity is projected to meet 35% of global power generation by 2025, marking an unprecedented transformation in the global energy sector. Solar power is one of the leaders of this transition, witnessing exponential growth over the past decade.

Will solar power increase the amount of electricity produced by 2030?

The IEA data shows that the amount of electricity generated from solar power alone is set to quadruple from 2023 levels by 2030 – and to climb more than nine-fold by 2050.

How did solar power grow in 2023?

Thanks to the unprecedented solar capacity growth in 2023, a record-breaking 473 GW of renewable power capacity was built worldwide – a 54% increase from 308 GW in 2022. The strong growth in 2023 brought the world closer to achieving the ambitious goal of tripling renewable capacity by 2030.

Will concentrating solar power grow in 2040?

However, onshore continues growing in absolute terms until 2040, and offshore to the end of the simulation. Concentrated solar power grows over the entire period, but without targeted policy its overall share in the power mix remains small, despite its advantage as a dispatchable source of electricity.