Forecast: Solar Energy Generation in Canada

Since 2013, solar energy generation in Canada has exhibited a strong growth trajectory, rising from 1.5 TWh to 6.58 TWh by 2023, marking a significant 9.48% year-on-year increase and a 5-year CAGR of 11.64%. Although growth rates varied, the upward trend is consistent, with peaks in certain years (e.g., 2016 and 2021) and minor dips as seen in 2017. The forecast indicates continuous growth, reaching 9.39 TWh in 2028, with a 5-year CAGR forecasted at 5.6% and an overall growth rate of 31.33% from 2023 to 2028.

Future trends to watch for include advancements in solar technology, increased governmental support for renewable energy, and potential shifts in market dynamics that could either accelerate or moderate growth in solar energy generation in Canada.