Toby Couture of E3 Energy Analytics expects 400 GW of solar generating capacity to be installed worldwide in 2023.[1] He provides the following statistics to prove his point.
- In 2004, the world added 1GW of solar PV capacity in total.
- By 2010, the pace picked up, and the world was adding about 1GW/month.
- By 2015, we were adding 1GW every week.
- And in 2023, the world is adding more than 1GW every. single. day.
The prognosis is for this rapid growth to continue in the years to come.
See Couture’s report on how we must triple renewable energy capacity to protect the planet from climate change: How to Triple Annual Renewable Energy Deployment and Beyond.
Both Germany and China are now poised for record-breaking years of solar deployment. The rest of the world, including the United States, will have to step up its game.
[1] That’s 400,000 MW or 400,000,000 kW. At a yield of 1,000 kWh/kW/yr, 400 GW is capable of generating 400,000,000,000 kWh or 400 TWh per year. For perspective, the USA consumed 4,000 TWh in 2022. In other words, in ten years there would be enough solar generation alone to meet 100% of the US’ electricity consumption.