Solar Energy Statistics By Country, Costs And Economics

Introduction

Solar Energy Statistics: The shift to renewable energy is growing worldwide, and the solar photovoltaic (PV) industry is expanding at a fast pace. This growth is backed by strong data, proving that solar energy is a key part of the move toward clean and sustainable energy sources. As of 2023, most commercial panels have efficiencies between 17% and 20%, but researchers have developed PV cells that are nearly 50% efficient.

Solar technology is becoming more efficient every year, and this trend is expected to continue as research and development keep advancing. Solar energy is a limitless source of power that doesn’t release harmful greenhouse gases, making it a cleaner alternative to fossil fuels.

The solar energy market is expected to keep growing, with some forecasts predicting that global solar installations could reach 4.7 terawatts by 2050. We shall shed more light on Solar Energy Statistics through this article.

Editor’s Choice

• Solar Energy Statistics stated that China holds over 35% of the global solar market share.
• Over 7.3 million homes in the U.S. are using solar power.
• The U.S. has enough renewable energy resources to produce 100 times its yearly electricity needs.
• Every day, the Earth gets about 174 petawatts of solar energy.
• By 2050, solar energy is expected to provide half (50%) of the world’s electricity.
• The solar panel recycling industry will be worth $2.7 billion by 2030.
• The typical cost for a home solar system is between $10,290 and $20,580.
• Solar panels can help cut household energy bills by 20-50%.
• India has promised to boost its renewable energy share to 50% by 2030.
• From 2022 to 2032, U.S. homeowners can receive a 30% federal tax credit for installing solar systems.
• Based on satellite data from Stanford researchers, over 1.47 million solar panels are in use across the 48 states.
• Even though renewable energy is growing fast, IRENA says the world is not on track to meet the goal of adding 7 TW of renewable capacity by 2030.
• Solar energy in the U.S. helps reduce carbon dioxide emissions by over 70 million metric tons each year, which is like planting almost 1.2 billion trees.
• The typical U.S. home solar system is about 5 kW or roughly 20 panels.
• Solar Star, the largest solar farm in America, produces 579 MW of power, Currently, around 2,500 MW of solar power is being built for utility-scale projects.
• The Department of Energy says that enough sunlight hits the Earth every hour and a half to meet the world’s energy needs for an entire year.
• The U.S. power grid is very reliable, with a 99.95% reliability rate. On average, customers experience less than two power outages per year, totaling under five hours of downtime, according to the National Renewable Energy Laboratory (NREL).
• The International Renewable Energy Agency (IRENA) expects 473 GW of new renewable energy capacity to be added in 2023.
• Solar PV will account for 345.5 GW, bringing the total solar capacity to 1.42 TW by the end of last year.
• The growth in renewable energy is not happening evenly across the globe, with many developing countries being left behind in the transition.

What is Solar Energy?

Solar energy comes from the light and heat of the sun’s rays, which can be collected and changed into other useful forms of energy. It’s a clean, renewable, and plentiful source of energy that can be used in different ways to provide heat, light, and electricity.

General Solar Energy Statistics

• Solar Energy Statistics stated that only 0.03% of the solar energy available in the U.S. is used to generate electricity.
• The Energy Information Administration (EIA) says that a solar system can produce enough energy to make up for the energy used to create it in just 1 to 4 years. Most solar systems can last for 30 years or more.
• By 2032, wind and solar are expected to provide about 47% of the country’s electricity, according to NREL.
• The largest solar power plants in the U.S. are in California. For example, the Solar Star plant generates 579 megawatts, and both the Topaz Solar Farm and Desert Sunlight Solar Farm each generate 550 megawatts, according to Energy.gov.
• In the first half of 2023, solar energy made up 45% of the new energy added to the U.S. grid.

(Source: mercomindia.s3.ap-south-1.amazonaws.com)

• Q-cells is making the largest solar investment in U.S. history, planning to create 8.4 gigawatts of solar panel production capacity by 2024.
• Microsoft also plans to buy 12 gigawatts of solar panels made in the U.S. over the next 8 years, showing that the demand for American-made solar is growing.
• Solar Energy Statistics stated that solar has the most potential to produce electricity in the U.S. compared to other renewable energy sources.
• Some solar panels that have been working for 40 years still perform at 80% or more of their original efficiency, according to Solstice.com.
• A CBS News survey found that 52% to 57% of Americans would install solar panels if companies offered a payback period of five years or less.
• A total of 235 mayors from all 50 states have signed Environment America’s “Mayors For Solar Energy” letter, showing strong local support for solar power.

(Source: searchland.co.uk)

• The U.S. has enough renewable energy resources to produce 100 times more electricity than the country uses each year.
• Experts believe that solar installations will grow by 40% from 2023 to 2027 because of the Inflation Reduction Act (IRA).
• For homeowners, the average cost of a residential solar system in the U.S. ranges from $10,290 to $20,580.
• The typical home solar system is about 5 kW or around 20 solar panels.
• While solar prices are expected to go down in 2024, they will still be 10-15% higher than in 2020.
• Solar energy set new records in 2023, accounting for 67% of the growth in energy production.
• In the first half of 2023, nearly 12 gigawatts of solar power were installed. There are now more than 255,000 people working in the U.S. solar industry, according to the 12th annual National Solar Jobs Census, making solar the biggest employer in electric power generation.
• Solar Energy Statistics stated that California leads the U.S. with 38.9% of the country’s solar capacity and 31.7% of solar jobs. Other states with large solar power plants include Texas, Florida, and North Carolina.

Global Solar Photovoltaic Statistics

• The global solar PV capacity is expected to hit 1.3 terawatts (TW) by 2023.
• Solar PV capacity grew from about 5 gigawatts in 2005 to roughly 940 gigawatts in 2021.
• Solar Energy Statistics state that solar energy is the most abundant energy source on Earth.
• Solar panels are made of materials like aluminum, copper, and glass, and 90%–97% of the materials can be recycled and used again when they break down.
• Solar energy users save around 35 tons of CO2 emissions and 75 million barrels of oil each year.
• Utility-scale PV power plants made up 70% of global solar electricity generation in 2022.

(Reference: statista.com)

• Solar Energy Statistics stated that the global solar market is expected to grow at a rate of 27% between 2021 and 2031.
• The majority of solar panels today have an effectiveness of 16% to 22%, which means they can easily convert 16% to 25% of the sunlight they get into usable energy.
• China leads the world in solar power production, with 307.9 gigawatts, followed by the United States (95.9 GW), Japan (74.2 GW), Germany (58.5 GW), and India (49.7 GW).
• Solar panels are the most popular way to collect solar energy, and U.S. solar power generation reached 145.6 terawatt-hours in 2023.
• Solar Energy Statistics stated that the smart solar power market is expected to grow to about £36.25 billion by 2031, with a compound annual growth rate (CAGR) of 13.6%.
• In the UK, over 17,000 households installed solar panels every month in 2023.
• Solar photovoltaic production increased by 23% from 2019 to 2020, making it the third-largest renewable electricity source globally.
• The global solar roofing industry is projected to reach £183.62 billion by 2031, growing at a CAGR of 15.1% from 2022 to 2031.
• Solar energy has been the fastest-growing electricity source for 18 years in a row, increasing by 24% year-on-year and providing enough power to meet South Africa’s annual electricity demand.

Cumulative Solar Photovoltaic Capacity By Country

(Reference: coolest-gadgets.com)

• By December 2023, China’s total solar power capacity reached 649 gigawatts, showing a big change in the energy market as solar energy has become a major player around the world.
• Because of government support, the solar power industry remains a great investment, receiving more funding than other renewable energy sectors like wind and biomass.
• Over the past 30 years, global solar power capacity grew from about 2.6 gigawatts in 2003 to 1.6 terawatts in 2023, showing how fast the industry has expanded.
• The top five countries leading in solar power installations are China, the U.S., Vietnam, Japan, and Germany.
• Solar Energy Statistics stated that solar PV systems are made of solar panels and inverters that capture sunlight and turn it into electricity. The panels are made of multiple solar cells, which are typically made from materials like silicon.
• There are two types of silicon used in solar cells: polycrystalline (or multi-crystalline) and monocrystalline (or single).
• Since 2002, government actions like subsidies, tax breaks, and tariffs have helped lower the cost of solar panels as the technology has improved.
• Most solar panel production shifted to Asia, where it’s cheaper, thanks to these policies and breakthroughs in technology that made solar installations more affordable for everyone.

Solar Energy Costs and Economics Statistics

• The cost of solar energy is an important factor for homeowners and businesses thinking about switching. With lower prices, good savings, and financing options, solar power is becoming more affordable and offers long-term money-saving benefits.

(Source: greenecon.net)

• In Q2 2024, the average price for a solar module in the U.S. was $0.31/W_dc.
• Solar power costs between 3 and 6 cents per kWh, while fossil fuels cost between 5 and 17 cents per kWh.
• Solar Energy Statistics stated that over the past 10 years, the price of solar panels has dropped by more than 60%.
• The cost of solar battery storage has decreased by 72% since 2015.
• Homeowners in the U.S. save about $1,500 per year with solar energy.
• It usually takes 6 to 8 years for a solar PV system to pay for itself.
• Alaska has the lowest cost for solar installation at $9,956, while California has the highest at $11,278. However, in California, homeowners can save between $60,000 and $100,000 over 25 years.
• In 2023, solar loan dealer fees were around 19%, while fee-free solar loans had an interest rate of about 10% APR.
• The cost for a typical residential solar system is between $10,290 and $20,580.

Employment and Industry Statistics

• Three million nine hundred seventy-five thousand ninety-six people are working in the global solar PV industry, with 231,474 of them in the United States.
• The solar industry brings in over $60 billion in private investments into the U.S. economy.
• The global market for solar inverters is valued at around $7.47 billion.
• Solar Energy Statistics stated that solar jobs are expected to increase by 104% by 2032, reaching 538,000 jobs.
• Puerto Rico has the highest percentage of solar jobs held by women in the U.S., with 45.1%.

(Reference: electroiq.com)

• Solar Energy Statistics stated that almost 25% of solar jobs are filled by minorities, 25% by women, and 10% by veterans.
• In 2023, 91.5% of residential solar installers offered additional services.
• 18% of companies said they were worried about staying in business within the next six months.
• Solar Energy Statistics stated that around 69% of solar companies reported better supply chain conditions in 2023.
• 40% of solar installers said inverter hardware failures were the most common issue.
• In Q4 2023, California solar companies laid off an average of 5 workers per company.

UK Solar Energy Statistics

• According to government data, as of October 2024, the UK has 17 gigawatts (GW) of installed solar capacity.
• According to government data.
• , by December 2024, 1.4 million homes in the UK will have solar panels.
• Since then, solar adoption has picked up even more, and the UK is on track to hit 1.5 million solar-powered homes by early 2025.
• Solar Energy Statistics stated that about two-thirds of UK adults are interested in installing solar panels.
• 66% of homeowners either already have solar panels or are likely to get them in the next few years, according to a 2023 government survey.
• 54% of people said they would be happy for a solar farm to be built near them, while only 8% said they would oppose it.
• As of September 2023, the South East of England has the most solar panels, with a total of 178,954 installations.
• The South West is in second place, with just 6,299 fewer installations, and the East of England is in third.
• Solar Energy Statistics stated that the South West has the highest percentage of households with solar panels, at 7.1%.
• Wales follows in second place with 6%, and the East Midlands ranks third with 5.6%.

• As of September 2023, Peterborough leads the UK in the number of solar panel installations, with a total of 6,921. This places the city slightly ahead of South Cambridgeshire, which has 6,727 installations.
• The city is ahead of its neighbor, South Cambridgeshire, by just a small margin, showing that both areas are focused on sustainability.

(Source: sunsave.energy)

• In 2023, solar energy made up 4.9% of the electricity on the UK’s national grid.
• In 2023, solar energy will make up 3.38% of the UK’s renewable energy, according to a government report.
• According to the Association for Renewable Energy and Clean Technology’s (REA) 2023 report, 13,860 people work in the solar industry in the UK.
• Out of these, 3,759 people (around 27%) work in London, but there are also hundreds of solar workers in every region across the UK.
• Solar Energy Statistics stated that solar workers make up 9.8% of the 140,760 people employed in the UK’s renewable energy sector.
• The number of panels made by the Cardiff-based company is very small compared to the 161,494 solar systems installed in the UK in 2023. This means most of the solar panels used in the UK in 2023 were made in other countries, especially China.

Environmental Impact of Solar Energy Statistics

• Solar Energy Statistics stated that around 90-97% of solar panel materials can be recycled.
• Solar panels can lower household energy bills by 20-50%.
• The solar panel recycling market is expected to be worth $2.7 billion by 2030.
• A solar plant needs 32 acres of land to power 1,000 homes.
• Solar plants use only 25% of the water that agriculture uses on the same amount of land.

(Source: solar.com)

• The U.S. would need 7.85 billion solar panels to power the entire national grid.
• Rooftop solar alone could provide 40% of all the electricity in the U.S.
• It takes between 6 months and 2 years for a solar panel to balance out the carbon footprint from its production.
• Solar Energy Statistics stated that the Earth receives about 174 petawatts of solar energy every day.

Conclusion

Solar energy has gone from being an alternative energy option to a widely used solution, as shown by rapid market growth, lower costs, and its use in homes and utilities around the world. The combination of better technology, government support, and more people wanting solar power shows that it’s now a key part of the global move to cleaner energy.

Looking ahead, solar energy is expected to significantly change the world’s energy system, with forecasts saying it could generate half of the world’s electricity by 2050. We have shed enough light on Solar Energy Statistics through this article.

Saisuman Revankar

Saisuman is a professional content writer specializing in health, law, and space-related articles. Her experience includes designing featured articles for websites and newsletters, as well as conducting detailed research for medical professionals and researchers. Passionate about languages since childhood, Saisuman can read, write, and speak in five different languages. Her love for languages and reading inspired her to pursue a career in writing. Saisuman holds a Master's in Business Administration with a focus on Human Resources and has worked in a Human Resources firm for a year. She was previously associated with a French international company. In addition to writing, Saisuman enjoys traveling and singing classical songs in her leisure time.

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