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The scale of the problem was revealed in a recent report by the International Energy Agency (IEA).
The report warned that while the world is installing capacity at a record pace of around 400 gigawatts a year, manufacturing capacity is growing at a much faster pace.
By the end of this year, solar panel factories, mostly located in China, will be able to produce 1,100 gigawatts a year, nearly three times more than the world has reserves. For comparison, this is approximately 11 times the power generation capacity of the entire UK.
For some solar installers, it’s a dream come true. Sagar Adani is building solar power plants in the Indian desert, with 54 in operation and he has 12 more under construction.
His company, Adani Green Energy, has built an extremely large solar farm with a capacity of 30 gigawatts, covering an area five times the size of Paris and a third of the UK’s total electricity generation capacity. It’s inside.
“We are installing tens of millions of solar panels across these projects,” Adani said. “Nearly all of it will be imported from China. Nowhere else can we supply it in such quantities and at such prices.
“China saw this opportunity before other countries and was looking forward to seeing what the world would come up with in 10 years. And because they scaled up like this, they were also able to significantly reduce costs.”
This scale-up has reduced the capital cost of installing solar PV by more than 50%, from around £1.25 million per megawatt of capacity in 2015 to around £600,000 today, and has increased the cost of installing solar PV by more than 50% is now cheaper than nearly all forms of power generation. .
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