Solar’s Promise Has Arrived
Solar energy isn’t just growing. It’s multiplying. As a recent story in The Economist points out, the rise of solar power represents one of those rare cases where calling growth “exponential” is not hyperbole, but rather a statement of fact.
In 2022, wind and solar combined to represent 83 %of the new power capacity on Earth. Last year that number rose to 91%. By contrast, fossil fuels accounted for just 6% of new installations in 2023 — the lowest level in recorded history.
It’s clear that renewable energy isn’t just keeping pace — it’s accelerating. In fact, solar capacity alone is expanding tenfold every decade.
The exponential growth of solar energy is incredible news for the environment, but the promise of solar energy is greater than that. We’re staring down a path to energy security, job creation and long-term economic resilience. The cost of producing solar power has dropped over the past decade demonstrating the power of free markets to leverage what economists call “economy of scale.” This cost reduction, coupled with technological innovations to improve efficiency, helps bring the energy transition into focus.
There are obstacles to consider, of course.
To date, solar energy has shown remarkable resilience to supply chain disruptions, fluctuating material costs and inconsistent support by lawmakers. But just because solar has so far sidestepped these hurdles doesn’t mean challenges won’t soon slow overall momentum.
Policy uncertainty, infrastructure bottlenecks and our timeworn grid must all be managed to keep solar’s trajectory pointed in the right direction (that is to say, up). The task before us now is identifying the best, most bipartisan ways to navigate these guaranteed challenges.
What does that look like more specifically?
Installing solar power into America’s energy framework will require Congress to continue crafting thoughtful, legally sound policies around these two objectives:
Streamlined permitting processes.
Investments in grid modernization to accommodate the influx of clean energy.
America would also do well to ensure that the benefits of solar power (job creation, reduced energy costs and economic growth) reach rural and underserved communities that stand to gain the most from this transition.
It really can’t be overstated that the type of exponential growth we’re talking about with regard to solar energy is almost completely unprecedented. And that might explain why it has taken an extra beat for the world to wrap its collective head around. After all, 10 years ago (when the solar sector was about a tenth of its current size), even scientific experts largely dismissed the promise of solar energy. With an additional decade of hindsight, let’s hope we’re seeing 20/20, because the time is overdue to envision our energy future and take the measures necessary to shape it.
The promise of solar is illuminating a path forward. That path leads to a stable climate, a robust economy and a brighter future for generations to come.