Solar PV investment to surpass all technologies combined in 2024

Investment in solar PV is expected to surpass all other generation technologies combined with over US$500 billion, according to a report from the International Energy Agency (IEA).

In its annual investment report, World Energy Investment, the IEA also highlights that for every US dollar invested in fossil fuels, two US dollars will be invested in clean energy this year. This is an increase from last year when the ratio was at US$1 versus US$1.7, respectively. Globally, clean energy technologies and infrastructure investment are expected to reach US$2 trillion in 2024.

Falling module prices and easing supply chain pressures have offset the impact of high interest rates, as solar panel costs have decreased by 30% over the past two years. However, the growth of spending for renewables – and particularly distributed solar PV – is expected to continue at a slower pace in 2024 than previous years.

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Source: PV Tech

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