Why is solar energy important in China?

Solar energy is the most environmentally friendly and accessible renewable energy source currently available, and China possesses some of the world’s most important solar resources.

Is solar energy a good investment in China?

In the majority of the areas of China, solar energy is available in abundance, and people can collect solar energy directly and produce electricity and heat by solar energy. The second advantage is in the reduction of monthly electricity bills; solar energy is considered a one-time investment.

How has solar energy impacted China?

Solar energy installation on a wide scale, both globally and in China, has resulted in an increase in PV power conversion efficiency and a decrease in generation prices. Between 2011 and 2018, China’s capital costs for utility-scale solar PV per kW decreased by 63.3 percent, accompanied by several subsidy reductions .

How many solar energy technologies are there in China?

There are mainly two different solar energy technologies, solar photovoltaic (PV) and solar water heaters (SWH), in china. Based on REN21’s 2017 report, renewable energy has contributed 19.3% to humanity’s global energy consumption and 24.5% to their generation of electricity in 2015 and 2016, respectively.

Does China have a solar industry?

Today, China has more than 80 percent of the world’s solar manufacturing capacity. The extraordinary scale of China’s renewables sector output has driven down prices worldwide, and this is a key factor in reducing the cost barrier to renewable systems for poorer countries.

What is China's Energy Strategy?

China's energy strategy is progressively shifting away from traditional fossil fuels to renewable energy. The 14th Five-Year Plan for Renewable Energy Development outlines a target for renewable energy to comprise approximately 18 % of the nation's primary energy consumption by 2025, with expectations for wind and solar power generation to double.