The solar electric power generation at private electric utilities in Canada has demonstrated a general upward trend from 880.03 thousand kilowatts in 2013 to 1745.6 thousand kilowatts in 2023. Over this period, significant growth was observed, albeit with some fluctuations. Notably, the year-on-year variation from 2021 to 2023 was 11.99%, 2.01%, and 3.81% respectively. The compound annual growth rate (CAGR) for the past five years stood at 4.33%, indicating steady progress.
Looking ahead, forecasted data from 2024 to 2028 illustrates a continued increase, with a forecast 5-year CAGR of 2.75% and an overall growth rate of 14.52%. By 2028, solar power generation is anticipated to reach 2082.2 thousand kilowatts.
Future trends to watch for include:
- Technological advancements in solar panel efficiency and storage solutions.
- Government policies and incentives promoting renewable energy adoption.
- Market dynamics and investments in renewable energy infrastructure.
- Consumer trends towards sustainable and green energy alternatives.