New solar installations around the globe are expected to reach nearly 400GW in 2023, driven by soaring electricity prices and record low prices for solar modules.
The latest prediction, from BloombergNEF, is driven by the fall in prices and huge activity in the world's biggest market, China.
New solar PV in 2023 will likely hit 392GW by year’s end, a 56% increase in total new capacity compared to 2022.
Maybe more important, however, is the reduction in costs. The typical monocrystalline silicon module price is expected to fall to just 14.5 US cents per Watt.
The price of standard solar modules has already hit an all-time low of 16.5 US cents per Watt in August.
China remains the dominant solar market, and the country's current plans and targets are expected to be exceeded.
South Africa is also expected to add 5GW of new capacity this year, in response to chronic power outages.