The US National Renewable Energy Laboratory (NREL) has released a new report focusing on the fundamentals of solar prices, deployment and imports.
NREL says in a new report that solar energy has strong global demand. China continues to lead the way in solar deployment, with installations expected to grow 57 percent annually in 2022, accounting for 42 percent of global demand. Most of the installations in China are smaller distributed projects rather than large, centralized utility projects. International Energy Agency. Analysts expect global installations to reach 300 GW this year and 400 GW by 2025, according to NREL.
In the US, solar energy represented approximately 46% of new electricity generation capacity additions in 2022. However, solar energy still has a long way to go to develop its role as a core technology in the energy transition. According to NREL, solar electricity accounts for 9% of net summer capacity and 4.7% of annual production.
California has made the most progress in solar energy, with 27.3 percent of its electricity generation coming from solar energy. By the end of 2022, solar energy will have at least 5% of the generation mix in 16 states.
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