China’s cumulative installed solar power capacity reached 890 GW as of December 2024. It installed 277.17 GW of solar capacity in 2024, a 27.79% year-over-year (YoY) increase from 2023.

According to China’s National Energy Administration, the country’s total installed power capacity stood at 3,350 GW, a 14.6% YoY increase from 2023.

Major power generation companies invested CN¥ 1,168.7 billion (~$160.52 billion), a YoY increase of 12.1%. Investment in power grid projects also increased by 15.3% YoY to CN¥ 608.3 billion (~$83.66 billion).

China’s installed capacity for wind power generation in 2024 also increased by 18% YoY to about 520 GW.

Solar power showed 45.2% YoY growth in 2024, wind 18%, nuclear power 6.9%, thermal 3.8%, and hydroelectric 3.2%.

China added 160.88 GW of solar energy capacity, a 19.85% increase YoY increase in the first nine months (9M) of 2024 from 128.94 GW in 9M 2023.

The solar capacity addition in the third quarter (Q3) was 58.4 GW, a 15.59% increase from the same quarter the previous year. In 2024, the country’s newly installed capacity from all sources reached 242.58 GW, with solar accounting for 66.32%.

Last year, China considerably increased its energy storage capacity, growing almost fourfold from 8.7 GW in 2022 to 31.4 GW, representing a YoY growth of 260%. Lithium-ion batteries were the predominant technology utilized for these systems, although the total also includes other technologies such as compressed air storage. The country aims to utilize the increased renewable energy capacity to reduce its reliance on coal to meet growing energy demands.

China lowered its export tax rebate rate for solar products and batteries from 13% to 9% starting December 1, 2024. It also eliminated export tax rebates for aluminum and copper.

Recently, China initiated a sunset review investigation into anti-dumping duties applicable to solar-grade polysilicon imports from the U.S. and South Korea starting January 14, 2025.