In 2024, between 554 GWdc and 602 GWdc of PV were added globally, bringing the cumulative installed capacity to 2.2 TWdc. China continued to dominate the global market, representing ~60% of 2024 installs, up 52% y/y. The rest of the world was up 11% y/y.
LevelTen reports that in Q4 2024, the U.S. utility-scale photovoltaic PPA prices remained flat q/q, though they were up 10% y/y. The median price for residential PV systems reported by EnergySage fell 11% y/y.
By the end of 2024, the leading three U.S. off-site corporate solar offtakers were Amazon, Meta, and Microsoft, with a collective 46 GW of PPAs signed. In 2024 alone, Meta signed 4.7 GW, Amazon signed 4.4 GW, and Microsoft signed 2.8 GW of off-site U.S. solar PPAs. From 5% to 78% for systems 5+ MWdc.
The 2025 International Technology Roadmap for Photovoltaics (ITRPV) projects an accelerated global transition away from PERC technology—which dominated until recently—toward higher-efficiency technologies. Compared with last year's ITRPV projections: The TOPCon market share grows more quickly and peaks higher (69% vs. 62%).
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