Solar Energy Milestone: Enough Power for a Billion Homes!

There are now two terawatts (TW) of installed solar photovoltaics (PV) worldwide, a milestone highlighting how solar energy — the cheapest form available in many countries — has become the backbone of the global energy system.

“The unprecedented roll-out of solar worldwide, and 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,” says 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.”

Two TW of solar is the equivalent of India’s total installed electricity capacity, the United States and the United Kingdom combined. It could power some 1 billion homes based on a global average household energy consumption of 3,500kWh per year and a 20% capacity factor. The goal of tripling global renewable energy capacity by 2030 and keeping the world on a 1.5C pathway can be reached if financing needs are unlocked for solar, especially in emerging and developing markets. It took 68 years – from 1954 until 2022 – to get 1 TW installed solar capacity, and only two to reach the second one.