While it took 68 years to reach 1 TW of installed capacity (1954-2022), only two years were needed to add the next TW, from 2022 to 2024, said the council.

The 2 TW milestone was reached recently, according to estimates from the council and SolarPower Europe. The two associations estimate that 7 billion solar panels and 25 million “solar homes” are now installed.

The rapid expansion of solar technology has driven down costs, making solar the cheapest form of energy in many countries.With an annual global solar installation capacity of approximately 500GW and a global solar product manufacturing capacity of 1.1TW, the solar industry has proven its ability to deliver the technologies and products necessary to meet global renewable energy targets. However, financial support remains a long-term challenge to further scale up solar energy. To achieve the global goal of tripling renewable energy, solar must now double its installed capacity to 1TW per year.

In total, to achieve the 1.5 C goal by 2050, $150 trillion is needed according to the International Renewable Energy Agency (IRENA), which is an annual average of more than $5 trillion. Although global investment in all energy transition technologies reached a record $1.3 trillion in 2022, annual investment must more than quadruple.

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