Weekly Solar Industry Insights: September 16th to September 22nd

Innovation Drives Growth in the Global Solar Tracker Market

The global solar tracker market experienced significant growth in 2023, with 94 GW of shipments, up from 73 GW in 2022. This surge is fuelled by demand in regions like Saudi Arabia and India, driven by increased utility-scale installations. Innovation plays a key role, with advances in agrivoltaics, terrain-following technology, and prefabrication improving efficiency and adaptability. Two-in-portrait (2P) trackers, prefabricated designs, and terrain-following products are gaining popularity, especially in land-constrained and undulating areas. With support from policies like the U.S. Inflation Reduction Act, tracker installations are forecast to grow to 752 GW by 2030, with the U.S. accounting for 39% of this market.

Malaysia Reaches 350 MW Residential Solar Quota Under Net Metering Initiative

Malaysia’s Sustainable Energy Development Authority (SEDA) announced that the 350 MW residential solar quota under the country’s Net Energy Metering (NEM) Rakyat initiative has been fully subscribed. Launched in 2021 to promote rooftop solar adoption, the initiative saw a rapid rise in applications following the introduction of the Solar for Rakyat Incentive Scheme (SolaRIS), which offers rebates of up to MYR 4,000. While the residential quota is now filled, capacity remains under other net metering programs for government buildings (NEM GoMEn) and commercial users (NEM Nova), with 45.68 MW and 110.55 MW available, respectively. All programs are set to run until year-end or until fully subscribed.

Global Solar Installations Set to Surge by 29% in 2024

According to UK-based think tank Ember, the world is expected to add 593 GW of new solar capacity in 2024, a 29% increase from 2023. By July, 292 GW had already been installed globally, with China leading the surge, accounting for 56% of total installations. Key markets such as the US, India, Germany, and Brazil are also contributing significantly to the growth. Countries like Argentina, Poland, and Saudi Arabia are rapidly scaling up solar imports, positioning themselves as emerging solar powerhouses. Ember emphasizes the need for enhanced grid capacity and energy storage to support this rapid expansion, as solar installations continue to exceed forecasts.

Taiwan Eases PPA Regulations to Boost Renewables

Taiwan’s Ministry of Economic Affairs (MoEA) has amended regulations on power purchase agreements (PPAs) for renewable energy, allowing large energy consumers to purchase portions of electricity output from multiple renewable energy plants, rather than the entire output from a single facility. This new framework aims to make green energy transactions more flexible and frequent, accelerating the growth of the sector. Taiwan's installed PV capacity reached 13.6 GW, with expectations of hitting 26 GW by 2026. In 2023, the country installed 2.7 GW of new solar capacity, largely driven by a feed-in tariff scheme, which now offers tariffs ranging from TWD 3.7236 to TWD 5.7055 per kWh.

EU Approves €1.2 Billion Renewable Energy Grant Scheme for Poland

The European Commission has approved a €1.2 billion ($1.3 billion) state aid program in Poland to support investments in renewable energy equipment. This initiative will provide direct grants to companies producing solar panels, batteries, wind turbines, heat pumps, electrolyzers, and carbon capture equipment, as well as those manufacturing necessary components and raw materials. The funding aims to align with the Green Deal Industrial Plan and the EU’s climate neutrality goals, with support to be granted by the end of 2025. Margrethe Vestager, the Commission's executive vice-president, emphasized that the investment fosters green energy transition while limiting competitive distortions, operating under the Temporary Crisis and Transition Framework established in March 2023.

Solar Power Surpasses Nuclear Energy Capacity

As of mid-2024, the world’s cumulative solar photovoltaic (PV) capacity has reached nearly 2 terawatts (TW), surpassing nuclear power capacity by almost five times, which stands at 367 gigawatts (GW) from 408 operational reactors. The World Nuclear Industry Status Report 2024 highlights a stagnant nuclear sector, with only five new reactors added last year while several were closed, resulting in a net decline outside of China. In contrast, solar power continues to grow rapidly, generating 40% more electricity than nuclear. The report emphasizes that solar-plus-storage solutions are becoming increasingly cost-competitive, posing a significant challenge to nuclear energy's relevance in the global market.

Breakthrough in Transparent Solar Cells by UNIST

Researchers at South Korea’s Ulsan National Institute of Science and Technology (UNIST) have developed an innovative wire-free transparent solar cell with all electrical contacts located on the rear side, achieving a power conversion efficiency (PCE) of 14.7% for a 16 cm2 module. This all-back-contact (ABC) design features a glass-like crystalline silicon cell that allows for unobstructed visibility and includes Seamless Modularization technology to eliminate metal wires. The transparent solar cell can effectively charge devices like smartphones using natural sunlight and holds potential applications in various industries, including building and automotive glass. UNIST plans to further advance this technology, aiming to establish transparent solar cells as a key player in the eco-friendly energy sector.

U.S. Expands Tariffs on Chinese Clean Energy Imports

The U.S. Trade Representative has decided to extend and increase tariffs on various clean energy imports from China, including a 25% tariff on batteries and steel, 50% on semiconductors, and a 100% tariff on electric vehicle imports, effective September 27. These tariffs are part of the Section 301 regulations, which categorize semiconductors into polysilicon for solar modules and silicon wafers. This move reflects the Biden Administration's strategy to strengthen domestic manufacturing and supply chains, with significant investments from NEMA members exceeding $12 billion to boost clean energy production in the U.S. The initiative aims to meet the rising demand for clean energy goods while promoting reshoring and near-shoring efforts.

Information Source: PV Magazine