Solar energy generation in South Africa stood at 6.25 Terawatthours in 2023. Over the past decade, the growth in solar energy generation has been significant, peaking in 2021 with a year-on-year increase of 19.04%. However, the growth has slowed since. In 2022, there was a decline of 8.62%, with a slight recovery in 2023 at 0.84%. The Compound Annual Growth Rate (CAGR) for the last five years (2018-2023) is 6.45%. Looking forward, the forecasted CAGR for the next five years (2024-2028) is 0.35%, suggesting a stabilization period with a growth rate of 1.78% anticipated by 2028.
Future trends to watch for:
- Technological advancements in solar panel efficiency and storage solutions.
- Government policies and incentives aimed at promoting renewable energy.
- Infrastructure developments and grid integration to support increased solar capacity.
- Economic factors that affect investment in solar projects.