Unprecedented Global Capacity Growth
In 2024, global solar capacity reached 1,865 gigawatts, up from 710 gigawatts at the end of 2020, marking a significant increase. Over 451 gigawatts of new capacity were added in 2024 alone, accounting for more than three-quarters of all new renewable capacity additions.
Share of Solar Energy in Electricity Generation
In 2024, solar energy became the largest source of renewable electricity, accounting for over 16.5% of renewable electricity generation in G20 countries. The levelized cost of electricity (LCOE) from solar energy in 2024 averaged $0.043 per kilowatt-hour, making it more cost-effective than fossil fuels. This decline in costs is attributed to technological advancements, competitive supply chains, and economies of scale.
Global Potential
With favorable solar irradiance in many regions, solar energy is poised to become a primary source of electricity in the future. Countries with high solar irradiance, such as Iran, can harness this potential effectively.
