Chart: Solar power is shattering global records

Solar has been gaining popularity for years now, but in 2023 the clean energy source really took off: A staggering 428 gigawatts’ worth of solar was installed worldwide last year, up by 76 percent from what was deployed in 2022, per new BloombergNEF data. That’s more than double the industry’s recent growth rates.

It’s worth taking a second to really think through the scale at play here. In 2022, 243 gigawatts’ worth of solar panels were installed worldwide; in 2021, 175 GW were deployed. Both figures were record highs, but the amount installed in 2023 alone was greater than the amount deployed across the two previous, record-breaking years combined. BloombergNEF data includes utility-scale, commercial, and residential solar.

Solar is by far the fastest-growing form of energy in the world, and thanks to its rise, the vast majority of new electricity capacity built in the world is now clean.

One of the key drivers of solar’s ascent is its price tag. Utility-scale solar is the cheapest option for new electricity generation in most countries, per the International Energy Agency.

And as the regions responsible for the greatest amount of carbon emissions begin to take decarbonization goals more seriously, they are increasingly embracing the promise of cheap, clean solar energy. Solar additions were 37 GW in the U.S. last year and a whopping 261 GW in China, according to BloombergNEF. China continues to lead the way on solar; the country installed more solar panels in 2023 alone than any other nation has installed in total.

“Even though we are seeing this trend of the increase in solar and wind capacity additions, this is still very much concentrated in just a few countries,” said Sofia Maia, head of country transition research at BloombergNEF.

But other countries are making notable progress. One standout is Pakistan, which leaped to fifth-largest market for new solar investment, up from 14^th place during the same period last year. The boom there is mainly driven by rooftop solar, which has become increasingly affordable due to low panel prices and the country’s high buyback rates.

BloombergNEF forecasts that solar’s growth rate will come back down to earth a bit this year, but it’s hardly a gloomy outlook. In 2024, the research firm expects 33 percent more solar will be installed than was in 2023 — nearly 600 GW — an enormous amount that’s nearly equivalent to the total deployed across the five-year period of 2017–2021.