A Breakthrough Year for Global Solar Power

The year 2024 marked a major milestone for solar power. Global solar installations reached almost 600 GW,  a 33% increase from the previous year, setting a new record. Solar made up 81% of all new renewable energy capacity added worldwide. Although it still represents a small share of total electricity generation, Solar's share grew to 7% in 2024, nearly doubling in just three years. It was also the fastest-growing power generation technology, producing three times more additional electricity than wind power, which ranked second. Global installed solar capacity passed 2 TW in 2024. It took nearly 70 years to reach the first terawatt, but only two years to double it. This impressive growth was driven by rapid technological improvements that reduced costs, Solar's exceptional flexibility — from small rooftop systems to large-scale plants — and record-low prices resulting from global manufacturing overcapacity. As a result, solar is now outperforming nearly all other power generation technologies.