What is solar photovoltaic (PV) energy & storage?

Solar photovoltaic (PV) energy and storage technologies are the ultimate, powerful combination for the goal of independent, self-serving power production and consumption throughout days, nights and bad weather.

How is solar power generated?

Solar power is generated in two main ways: Solar photovoltaic (PV) uses electronic devices, also called solar cells, to convert sunlight directly into electricity. It is one of the fastest-growing renewable energy technologies and is playing an increasingly important role in the global energy transformation.

Is solar PV cheaper than fossil fuels?

Solar PV LCOE almost halved between 2018 and 2023 alone, while over the 2014-2023 period, the global weighted-average levelised cost of electricity (LCOE) for utility-scale solar PV projects fell from $0.16/kWh in 2014 to just $0.044/kWh by 2023. By 2023, solar PV was 56% cheaper than fossil fuel alternatives.

What is solar PV & why is it important?

Solar PV has accounted for the largest share of renewable power capacity in 2023, surpassing hydropower. Solar PV is highly modular and ranges in size from small solar home kits and rooftop installations of 3-20 kW capacity, right up to systems with capacity in the hundreds of megawatts. It has democratised electricity production.

How has solar power democratised electricity production?

It has democratised electricity production. The cost of manufacturing solar panels has plummeted dramatically in the past decade, making them not only affordable, but also often the cheapest form of electricity.

How many GW of solar power has been added in 2024?

Over 451 GW of new solar PV capacity was added in 2024 alone, representing the largest addition of any renewable energy source and accounted for over three-quarters of all renewable capacity additions in 2024. Solar PV has accounted for the largest share of renewable power capacity in 2023, surpassing hydropower.