Global solar demand to grow by 40% in 2023 as prices fall and capacity grows

Global demand for solar PV could rise up to 40% in 2023 as favourable economics in the solar sector combine with broad policies.

Global demand for solar PV could rise up to 40% in 2023 as favourable economics in the solar sector combine with broad policies like the Inflation Reduction Act (IRA) and REPowerEU schemes.

Bloomberg Intelligence’s ‘Global Solar Energy Midyear Outlook’ report predicts that solar will remain the energy sector’s fastest-growing sub-segment, predominantly driven by its position as the most cost-effective electricity generation method in much of the world. Bloomberg credited solar PV with a levelised cost of electricity (LCOE) of around US$50/MWh.

At the same time as installations are set to grow, sales for manufacturers are forecast to slow slightly as prices fall.

Click here to read the full article
Source: PV Tech

—

If you have any questions or thoughts about the topic, feel free to contact us here or leave a comment below.

/0 Comments/by
You might also like
The DOE has announced $453.5M from the PR-ERF to install up to 30,000 to 40,000 solar PV & battery storage systems for low-income single-family households.US announces $450 million for Puerto Rico’s rooftop solar power
Investor-owned utility SDG&E and the City of San Diego are launching a dozen microgrid projects with energy storage across San Diego, CA.Storage-enabled microgrid projects proliferate in California
Residential panel installations will jump by 5.6 GW in 2022. Households to add three times more solar than commercial users.US homes add rooftop solar at a record clip to cut power bills
California Gov. Gavin Newsom has signed a package of bills aimed at moving away from reliance on fossil fuel-based energyCalifornia governor signs sweeping climate legislation
California can break its addiction to natural gas and replace fossil fuels with cleaner energy. We need Governor Newsom to sign SB 619.No more delays or excuses: California must build clean energy now to replace fossil fuels
During the third quarter of 2023, renewables have installed a record 5.5GW of utility-scale renewable capacity, led by solar, according to ACPSolar led record Q3 renewables installations in the US with 3.1GW
0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *