Solar panel exports are breaking records – now let’s install them
Solar panel exports from China grew by 34% in the first half of 2023, with 114 gigawatts (GW) shipped worldwide, compared to 85 GW in the same period last year, according to a new analysis by energy think tank Ember. We need to get them online ASAP.
Chinese solar exports represent around 80% of the global market share in solar manufacturing capacity, so, of course, it has major global implications for scaling up renewable deployment.
“Solar growth is going through the roof,” said Sam Hawkins, Ember’s data lead. “The world is racing to harness this cheap, clean, and abundant source of energy to power the future economy. It is clear that global manufacturing capacity is currently not the limiting factor to achieving the required fivefold growth in solar power by 2030.”
More than half of the solar panels exported from China in the first half of 2023 were headed for Europe (52.5%). The region also saw the greatest absolute growth worldwide, with exports from China up 47% year-on-year (+21 GW), reaching a total of 65 GW shipped in the first half of 2023, compared with 44 GW in the same period last year. Once installed, this new capacity could provide around 2% of Europe’s annual electricity demand – similar to the demand of Belgium.
Brazil is the next biggest importer after Europe, importing 9.5 GW in the first six months of 2023, a similar amount to the same period last year (9.4 GW). However, the fastest growth is happening across Africa and the Middle East.
South Africa saw the largest change in any country outside of Europe, importing 3.4 GW of solar panels from China in the first six months of 2023, an increase of 438% (+2.7 GW) compared to the same period last year. As a result, Africa was up 187% (+3.7 GW), the fastest-growing region.
The Middle East was the region with the next-fastest relative growth, up 64% (+2.4 GW) in the first half of 2023 compared to the same period last year. However, its high growth rates have a very low starting point. Saudi Arabia increased solar imports from China sixfold year-over-year to reach 2.8 GW in the first half of 2023, while the United Arab Emirates increased imports by 33% to 1.4 GW.
The only region to see fewer imports from China over the period was Asia, as India turned to focus on growing domestic manufacturing capacity.
The US has already cut Chinese imports to near-zero – sourcing instead from Southeast Asia – and the Biden administration’s Inflation Reduction Act has spurred significant domestic investments in solar panel manufacturing capacity.
With global manufacturing capacity expected to double again by the end of 2024 compared to the end of 2022, as other countries outside China also step up domestic manufacturing, the global supply of panels isn’t what’s bottlenecking solar growth – it’s installed PV capacity. There’s an astounding 40 GW buildup of solar panel stock in European warehouses thanks to bureaucracy, a lack of solar installers, and a long wait to get it on the grid.
“We have enough solar panels, we just need to get busy installing them,” said Sam Hawkins, data lead at Ember. “Policies should focus on ensuring installation and grid integration can ramp up as fast as global module supply.”
Electrek’s Take
The European Parliament attempted today to alleviate the years-long solar bottleneck, as it approved a requirement that EU nations complete the approval process for renewable projects within 12 months for installations in “areas conducive to renewables” and within 24 months for projects outside of those areas.
In the UK, some new solar and wind projects are expected to wait 10-15 years because the grid isn’t ready to bring them online, and that timeframe is ridiculous. That makes 12-24 months look like something to celebrate.
Read more: Chinese solar giant Trina is opening a 5 GW factory in Texas
Photo: China News Service
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The massive Greenlink West Transmission Project in Nevada got the final green light this week by the US Department of the Interior.
The project will create a new 525 kV transmission line that will stretch 350 miles from Las Vegas to Yerington, southwest of Reno, and greatly increase Nevada’s grid capacity. It will cross federal, state, Tribal, and private lands in seven counties.
Once completed, utility NV Energy’s Greenlink West will be able to carry up to 4,000 megawatts (MW) of clean energy – enough to power over 4.8 million homes. Greenlink West is a critical part of Nevada’s push to ramp up renewable energy production and modernize its aging power grid.
Construction is expected to begin early next year, and the goal is to bring it online by May 2027.
Currently, a lot of the solar, geothermal, and wind energy generated in rural parts of the state can’t be efficiently sent to cities like Las Vegas and Reno, where demand is high. Greenlink West will fix that by connecting clean energy sources to urban centers.
Along with the 210-mile-long, 525 kV Greenlink North, which will span from Ely to Yerington and is still under environmental review, the two lines will tie into the existing One Nevada Transmission Line. The entire $4.24 billion transmission project, which is expected to generate $690 million in economic activity and create nearly 4,000 good-paying jobs, will result in a continuous triangle of high-voltage transmission lines in the state, as per the video below:
The project will also include three 345 kV lines from Yerington to the Reno area.
Greenlink North is expected to be in service by December 2028.
Read more: US electricity demand is about to surge – here’s what needs to happen
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MicroStrategy founder Michael Saylor speaks at the Bitcoin 2021 Conference in Miami on June 4, 2021.
CFOTO | Nurphoto | Getty Images
MicroStrategy shares jumped more than 8% on Friday after founder Michael Saylor said the company purchased another $1.1 billion worth of bitcoin.
The stock jumped 24% for the week and is now up 124% this year.
Saylor said in a post on social media platform X that MicroStrategy’s average purchase price in the four years it has been buying bitcoin is $38,585 per coin. Bitcoin is currently trading at close to $60,000.
MicroStrategy’s stash of 244,800 bitcoins is worth $14.6 billion.
Founded in 1989, MicroStategy has a business in enterprise software and cloud-based services, but its value is now almost entirely tied to its bitcoin ownership, effectively making the company a proxy for the world’s biggest cryptocurrency. It is the biggest corporate holder of the asset, according to Bitcoin Treasuries.
In Saylor’s Friday post, he added that the “BTC yield,” a metric introduced by MicroStrategy, is 17% for the year. The number suggests that the company has created 17% more value for shareholders by selling stock to buy bitcoin.
“We’re basically giving people different types of bitcoin exposure,” Saylor told CNBC in an interview this week. “MicroStrategy’s mission is to securitize bitcoin and serve as the institutional bridge between traditional, mainstream investors and bitcoin.”
Even after this week’s rally, MicroStrategy shares are about 26% off their March high. The stock closed Friday at $141.47.
But MicroStrategy is far outperforming bitcoin, which is up 35% for the year. Saylor said owning MicroStrategy is a way to invest in bitcoin but with a variety of attributes, such as increased leverage or downside protection.
“A lot of people, they don’t want to own or they can’t own bitcoin,” Saylor said. Some would say, “Give me the volatility of the S&P and half of the performance of bitcoin, and I’d be totally happy,” he said.
![Here are the EVs you can lease for under $300 a month this September [Updated]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2024/08/Honda-Prologue-lease-Civic.jpeg?resize=1200,628&quality=82&strip=all&ssl=1)
With more options than ever, driving an electric vehicle has never been more affordable. As new EVs hit the market, the lease deals are heating up. Here are all the EVs you can lease for under $300 a month this September.
A record 330,463 electric vehicles were sold in the US in the second quarter. According to Kelley Blue Book, EVs accounted for 8% of total new vehicle sales in Q2, up from 7.1% in the first three months of 2024.
The growth was driven by the influx of new models, massive discounts, and higher leasing rates. A big factor behind leasing is the ability to pass on the $7,500 federal tax credit to lessees.
Most automakers are slapping the $7,500 on top of additional incentives like lease bonus cash, conquest, and loyalty offers. In total, the savings amount to over $10,000 in many cases.
According to Motor Intelligence, Kia’s new three-row EV9 SUV sold with an average discount of over $19,700 in July. The Honda Prologue and Volkswagen sold with an average discount of $7,035 and $13,015, respectively.
EVs you can lease for under $300 a month in September
As the discounts continue to pile up, several EVs are available to lease for under $300, even $200 a month this September. According to an analysis from online auto research firm CarsDirect, here are some of the best electric vehicle lease deals this month (find deals in your area at the bottom).
For smaller (subcompact) SUVs, the 2024 Kia Niro Wind EV is listed at $169 for 24 months. With $3,999 due at signing, it has an effective cost of $336 per month.
Although that may sound intriguing, other electric models are available at even more affordable monthly rates.
For example, the 2024 Honda Prologue EX at $269 for 36 months. With only $1,999 due at signing, Honda’s electric SUV can be leased for an effective rate of $325 a month.
The Prologue EX also has a range of up to 296 miles, compared to the Niro EV, which has an EPA-estimated 253-mile driving range. Despite the Prologue’s higher starting price ($47,400 vs $39,600), Honda offers more incentives, including a loyalty (or conquest) bonus.
Volkswagen’s ID.4 is available for $219 for 36 months. With $3,499 due at signing, the 2024 Volkswagen ID.4 Standard has an effective cost of $316 per month.
| Electric Vehicle | Monthly Rate | Term (months) |
Due at Signing |
| 2024 Kia Niro Wind EV | $169 | 24 | $3,999 |
| 2024 VinFast VF 8 | $199 | 36 | $894 |
| 2024 Kia EV6 | $209 | 24 | $3,999 |
| 2024 Hyundai IONIQ 5 | $209 | 33 | $3,999 |
| 2024 Volkswagen ID.4 | $219 | 36 | $3,499 |
| 2024 Honda Prologue | $269 | 36 | $1,999 |
| 2024 Hyundai IONIQ 6 | $299 | 33 | $3,999 |
After unveiling the updated US-built 2025 model, Hyundai’s IONIQ 5 is one of the best EVs to lease in September.
The 2024 Hyundai IONIQ 5 SEL RWD is listed at $209 for 33 months. With $3,999 due upfront, you can drive off in a new IONIQ 5 for $330 a month.
Hyundai’s electric fastback, the IONIQ 6, is listed at $299 for 33 months. The 2024 IONIQ 6 SEL RWD, with $3,999 due at signing, has an effective cost of $420 per month.
Its third EV, the Kona Electric, is slightly more expensive at $362 for 24 months. That’s for the 2025 Kona SEL EV with up to 261 miles range. With $1,991 due upfront, the Kona EV costs $445 a month.
Kia’s EV6 is another top EV lease option this month. The 2024 Kia EV6 Light Long Range RWD is listed at just $209 for 24 months. Kia states that $3,999 is due at signing, amounting to a $376 monthly rate.
After Kia introduced a new Tesla Conquest Cash discount, Tesla drivers (buyers and lessees) can score an extra $1,500 off the EV9 and $1,000 off the EV6.
With the discount, Kia’s EV6 is even cheaper to lease than a Soul at just $179 per month ($346 effective rate) despite costing more than double.
Although not on the list, the Subaru Solterra is also a steal in September. The 2024 Subaru Solterra Premium starts at $329 per month (36 months) with no money down.
Ready to save big? We can help you get started. Check out our links below to find deals on EVs in your area.
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