December 24, 2024, China — China's photovoltaic solar power installations are projected to reach 230 to 260 gigawatts (GW) in 2024, surpassing the previous record of 217 GW set in 2023, according to the China Photovoltaic Industry Association (CPIA).
This surge is attributed to declining module prices, a robust rooftop market, and the establishment of large-scale energy bases in desert regions. Accelerated grid construction has also facilitated the transmission of solar energy to distant demand centers.
In the first ten months of 2024, new photovoltaic installations hit 181 GW, marking a 27% year-on-year increase. Exports of solar cells and modules rose over 40% and 15%, respectively.
China's total wind and solar installations reached 1.25 billion kW by September, achieving its 2030 target six years early. By the end of 2024, installed capacities are expected to reach approximately 510 million kW for wind and 840 million kW for solar, with utilization rates above 95%.
Technological advancements in solar cells, particularly in crystalline silicon and perovskite technologies, have enhanced efficiency. Longi Green Energy holds two efficiency world records: 34.6% for tandem solar cells and 27.30% for heterojunction cells.
BloombergNEF forecasts module prices to remain low, around 9 cents per watt, potentially dropping to 8 cents by 2025 due to ongoing cost reductions.
Despite challenges in capacity absorption and increased competition, experts remain optimistic about the long-term prospects of solar energy in China. The CPIA emphasizes the importance of innovation and international cooperation to navigate trade challenges.