South Korea Surpasses 3.1 GW in Solar Additions in 2024

South Korea is set to significantly increase its solar energy capacity, with ambitious targets and key policy measures supporting its long-term renewable energy goals. In 2023, the country deployed nearly 3.7 GW of solar energy, including almost 2.8 GW for power generation and just under 900 MW for self-consumption. With last year’s figures yet to include self-consumption installations, the preliminary statistics show an upward trend in installations categorized under power generation for sale. As of March this year, the country’s cumulative solar capacity was estimated at 28.15 GW.

Looking ahead, South Korea aims to achieve 55.7 GW of solar capacity by 2030 and 77.2 GW by 2038, requiring an average of 4.5 GW of new solar capacity annually by 2030. While current installations are around 3 GW per year, experts stress the need for more aggressive efforts to meet these ambitious goals.

To support this growth, the South Korean government has introduced a series of policies, including plans for mandatory solar installations on thousands of parking lots and expanding floating solar systems on multipurpose dams. Additionally, new funding programs aim to address regulatory challenges and support local governments in improving solar installation procedures.

While challenges such as grid constraints, regulatory hurdles, and high generation costs remain, these policy measures are expected to drive significant growth in the solar sector. With continued support and investment, South Korea is poised to become a leader in the global renewable energy transition.