Global Solar Industry Hits 2 Terawatt Milestone, Marking a New Era in Clean Energy

The Global Solar Council has achieved a significant milestone: 2 terawatts (TW) of installed solar photovoltaic (PV) capacity worldwide. This achievement comes during a transformative era, with a Donald Trump presidency in the U.S. and the pivotal COP29 climate conference set to begin next week in Baku, Azerbaijan.

The growth of solar energy has surged in recent years, driven by steep cost reductions that have made solar the most affordable energy source in many countries. This rapid adoption underscores its critical role in the global transition to clean energy.

The journey to 2 TW reflects remarkable progress. While the industry took 68 years (1954–2022) to achieve its first terawatt of capacity, it reached the second terawatt in just two years (2022–2024). This milestone, based on estimates from the Global Solar Council and SolarPower Europe, showcases the exponential growth of solar power as a cornerstone of the global energy system.

The 2 TW of installed solar PV is equivalent to the total electricity capacity of India, the U.S., and the U.K. combined. It can supply clean energy to approximately one billion homes worldwide, based on an average household energy consumption of 3,500 kWh per year and a 20% capacity factor.This achievement highlights solar energy’s pivotal role in reshaping the global energy landscape, setting the stage for a greener, more sustainable future. “The unprecedented roll-out of solar worldwide, and now the fact that we have made this 2 terawatt milestone, or about 7 billion solar panels installed, is the culmination of decades of hard work. Forward-thinking policy, industrial ingenuity, 7 million hard-working solar installers and a versatile and scalable technology have all brought us to this moment,” said Sonia Dunlop, Global Solar Council CEO. “But as we pause to recognize the achievement, it’s only for a minute. Solar must now double installation capacity to reach 1 terawatt per year if we’re going to reach our global tripling renewables target. We need to celebrate the 25 million solar homes and now double it. To get there we need to unlock financing and bring down the cost of capital for solar projects, particularly in the Global South. If the cost of capital is now at 15%, we need to bring it down to 5% or less. This is what we will be working on at COP29 Baku.”

“By 2030, solar will be the world’s leading renewable energy source, contributing the lion’s share of the global renewables revolution. The future of solar hinges on equitable global access to financing; we must ensure that everyone – especially in the Global South – can join this movement,” said Máté Heisz, Chair of the Global Solar Council, and Director of Global Affairs at SolarPower Europe. “We urgently need support from national governments and investors to deliver our tripling renewables target. It’s time to bring everyone aboard our clean energy transition journey.”