A major push to install rooftop solar panels on Chinese buildings is putting the nation on track for another record-setting year on renewable energy.
Rooftops and buildings in China fitted with solar panels could match the current global capacity of the entire industry, according to new analysis.
Most of that rooftop solar has been added in the past two years, as China offered support for local governments to boost installations, and raised power rates to businesses, making generating their own electricity more attractive.
Fishman, an energy analyst at the Lantau Group, an economic consultancy firm in Shanghai, was keen to meet with developers in Shandong to understand how China is developing extensive rooftop solar installations at such a remarkable pace.
The China Photovoltaic Industry Association expects the country to install as many as 220 gigawatts in 2024. BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you. It installed more solar panels in power plants than on rooftops in 2023 for the first time since 2020.
At the same time, the Whole County PV programme provides an opportunity to revitalize rural China, local officials say. For example, homeowners can receive extra income by lending their rooftops to solar developers, or by selling the power generated by their rooftop system, Fishman says. The plan seems to be working.