Chinese Solar Capacity increases 177% in 2023; Reaches an Astounding 430 GW, Could Reach 550 GW by this Year

China has been a leader in the global solar industry for many years, and the country’s solar installations are expected to continue to grow rapidly in 2023.

According to the National Energy Administration of China (NEA), China installed 33.6 gigawatts (GW) of solar capacity in the first quarter of 2023. This is an increase of 177.6% from the same period in 2022. The country’s cumulative solar installations reached 430 GW at the end of March 2023, an increase of nearly 33.7% year-on-year (YoY). To give some context, the global capacity is around 1000 GW which means that China has almost 40-50% of the global solar capacity alone. Also with 33.6 GW in the first quarter, China could easily do around 160 GW in 2023 which would be really astounding.

This growth is being driven by a number of factors, including government policies such as the feed-in tariff (FIT) and the renewable portfolio standard (RPS) that support solar power, falling costs of solar panels, and increasing demand for renewable energy.

Government Policies

The Chinese government has been a strong supporter of solar power for many years. In 2013, the government launched the “Golden Sun” program, which aimed to install 100 GW of solar capacity by 2020. The program was a success, and China exceeded its target by adding 130 GW of solar capacity by 2020. The government has also provided financial incentives for solar power, such as tax breaks and subsidies. These policies have helped to make solar power more affordable and accessible in China.

Also, read China Excluded from Exporting Solar Products to India?

Falling Costs of Solar Panels

The price of solar panels in China is expected to continue to fall in 2023. This is due to the continued increase in competition and the continued improvement in solar panel technology. As a result, solar power is expected to become even more affordable and attractive in the coming years.

Increasing Demand for Renewable Energy

China is facing a growing demand for electricity. The country’s population is growing, and its economy is expanding. This growth is putting a strain on the country’s electricity grid. Renewable energy, such as solar power, can help to meet this growing demand without increasing greenhouse gas emissions.

Conclusion

China is leading the world in solar installations in 2023. The country’s solar installations are expected to continue to grow rapidly in the coming years. This growth is being driven by a number of factors, including government policies, falling costs of solar panels, and increasing demand for renewable energy.