The solar industry is growing around the world, but China is taking growth to another level. It recently set the most aggressive goal of any country by targeting 17.8 GW of solar installations in 2015. That’s 19% higher than the proposed 15 GW goal, and 70% higher than the 10.5 GW installed in 2014.
Considering that around 46 GW of solar energy capacity was installed in 2014, China is leading the market in both market share and absolute growth. What’s incredible is how good this could be for investors in solar companies.
Just how big is China’s goal?
To put China’s goal into some perspective, here is how 17.8 GW stacks up in the solar industry.
- 17.8 GW of solar energy would power 2.9 million U.S. households, or about 2.5% of the homes in the U.S.
- If built as a utility-scale power plant, 17.8 GW of solar energy would cover about 107,000 acres, or 167 square miles.
- Next year alone, China could approach the grand total of 18.3 GW of solar ever installed in the U.S.
Click here to read the rest of China's New Solar Target Could Set the Stage for a Solar Boom by Travis Hoium