China's Solar Installations Reach Record High: China is set to break its record for solar power installations in 2024, with an expected capacity addition of 230 to 260 gigawatts, surpassing last year's record of 217 GW. The growth is primarily driven by reduced production costs, increased global interest in renewable energy, lower module prices, a robust rooftop photovoltaic (PV) market, and the commissioning of the country's energy megabases. The National Energy Administration reports that China continues to accelerate the construction of large-scale wind and solar power bases in the Gobi Desert and other arid regions. By the end of the year, China's wind power installations reached about 510 million kilowatts, and photovoltaic power installations reached about 840 million kW, with a utilization rate remaining above 95%. Technological innovations, especially the continuous improvement in the efficiency of crystalline silicon cells and the rise of emerging technologies like perovskite solar cells, have enabled Chinese manufacturers to produce more energy-efficient panels at a lower cost. Despite challenges such as price reductions and narrowed profit margins in the photovoltaic industry, demand for solar energy remains strong both domestically and internationally. Wang Bohua, the honorary chairman of the China Photovoltaic Industry Association, stated that China's new photovoltaic installations reached 181 GW in the first ten months, a 27% year-on-year increase, while exports of solar cells and modules grew by more than 40% and 15% year-on-year, respectively. Despite pressures from trade barriers and investment restrictions, industry leaders remain optimistic about the long-term prospects of solar energy, emphasizing the need for continuous innovation and R&D investment to ensure sustained growth in the renewable energy sector.

By ZHENG XIN | China Daily