Photo: American Public Power Association | Unsplash
To mitigate the negative impacts of climate change, the world needs to quickly transition from fossil fuels to low-carbon energy sources such as solar power. In 2004, it took the world about a year to add one gigawatt of solar power capacity. By 2023, the same amount was added, on average, every single day. For reference, a gigawatt of solar is enough to power approximately 200,000 homes in the US. Much of this growth has been driven by China, which by 2023 accounted for about 43% of the cumulative installed capacity worldwide. A big reason for this acceleration has been a large decrease in the price of solar panels. Since 2001, the price has dropped by about 95%, from $6.21 to $0.31 per watt.
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