Snapshot of photovoltaics − February 2024

Abstract

In 2023 global renewable energy investments increased by 8% to USD 623 billion, with solar investments accounting for 63% or USD 393 billion (+12%). The total installed solar photovoltaic capacity exceeded 1.6 TWp at the end of 2023, with an annual newly installed capacity of more than 420 GWp. The number of countries installing 1 GWp/year or more has increased to 35. After the increases in hardware costs for solar photovoltaic systems and battery storage in 2022, prices in both markets mostly decreased in 2023. Levelised costs of electricity for non-tracking solar photovoltaic systems as well as levelised cost of battery storage decreased. However, the global benchmark of levelised cost for electricity for tracking systems increased mainly due to higher costs for labour, balance of systems and debt in the USA. The market outlook for 2024 is optimistic as electrification of heating, transport and industry creates additional demand for renewable electricity, including solar. However, a more rapid deployment of renewable energy is needed to stay on track for not more than 1.5 °C global temperature increase.