The solar energy sector has undergone a remarkable transformation, far exceeding even the most optimistic predictions.

From making up only 0.15% of global electricity production in 2010 to over 4.52% in 2022, solar is now considered the cheapest source of electricity generation. Once labeled “the most expensive renewable energy,” solar is now leading the transition to clean energy, making up half of all new power capacity added to the grid in 2022.

Investment in solar is set to surpass that in fossil fuels, as for every dollar spent on fossil fuels, 1.7 dollars go into clean energy. This sweeping change hasn’t been accidental; it aligns with the Diffusion of Innovations theory, explaining why technologies gain traction.

Want to understand the meteoric rise of solar energy and why everyone got their predictions so wrong?

This video delves deep into the data, psychology, and history behind solar’s sudden boom.

This video was produced and published by Matt Ferrell. It’s published here via a pvbuzz partnership with Matt.

Derick Lila
Derick is a Clark University graduate—and Fulbright alumni with a Master's Degree in Environmental Science, and Policy. He has over a decade of solar industry research, marketing, and content strategy experience.

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