The rise of solar power

Energy Snapshot - An International Energy Agency Newsletter

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Benefitting from supportive policies, the cost of electricity generated from solar panels (or solar PV) has fallen dramatically in recent decades. This has contributed to a boom in solar PV deployment, with global capacity now growing at a historic pace.

Between 2018 and 2023, global solar PV capacity tripled. This boom is changing how the world generates electricity. In fact, with solar PV complementing hydro and wind power, renewables are set to generate more electricity than coal next year. That would be a first.

China’s investment in solar has helped to bring down costs worldwide but resulted in highly concentrated manufacturing supply chains. Greater diversity will be important as the rollout of solar power accelerates.