China unleashed the full might of its solar energy industry last year. It installed more solar panels than the United States has in its history. It cut the wholesale price of panels it sells by nearly half. And its exports of fully assembled solar panels climbed 38 percent while its exports of key components almost doubled.
China accounts for more than 80% of the global solar cell exports, more than 50% of lithium-ion batteries and more than 20% of electric vehicles.
China's solar industry climbed to new heights in 2023, with manufacturing, installed capacity and exports experiencing robust growth and reshaping the global landscape with continuous technological breakthroughs.
The company’s U.S. projects could tap renewable energy manufacturing subsidies provided by President Biden’s Inflation Reduction Act. China’s cost advantage is formidable. A research unit of the European Commission calculated in a report in January that Chinese companies could make solar panels for 16 to 18.9 cents per watt of generating capacity.
The emphasis on solar power is the latest installment in a two-decade program to make China less dependent on energy imports. China’s solar exports have already drawn urgent responses.
Beijing is set to further increase its manufacturing and installation of solar panels as it seeks to master global markets and wean itself from imports. China unleashed the full might of its solar energy industry last year. It installed more solar panels than the United States has in its history.