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In 2024, Puerto Rico solar power capacity saw the installation of 0.963 GW, marking a growth rate of 0.83% compared to the previous year. As a result, the total Puerto Rico renewable energy capacity has reached 80.25 % of the Puerto Rico's energy mix.

In the last decade, solar power capacity has grown tremendously to become the fastest-growing source of renewable energy in the world.

Solar power directly contributes to the Puerto Rico’s energy security and independence, as well as helping to meet rising electricity demand and CO2 emission reduction goals.

Despite the geopolitics impasse, around 141 GW of new solar PV capacity was added worldwide in 2020, about a 14% increase from 2019.

The rapid solar photovoltaic installations were primarily due to ongoing supportive government policies and initiatives and a sharp decline in technology and PV system costs.

Further, a growing number of governments and companies are setting up and pursuing climate-neutral/net-zero emissions targets, commitments and goals that are propelling both solar photovoltaic (PV) market and wind power installation growth, globally.

Some of the trends in PV technology are - 

• Due to the cost savings achieved by using PV modules made of large wafers, such as the M6, M10, or G12 format, many major silicon module manufacturers have announced large module products that are expected to commercially available before Q4 2021.
• Innovations in bifacial modules (uses both sides of the panel to generate electricity) are expected to generate efficiency gains and lower LCOE in the coming years.
• Currently, P-type mono PERC cells are the dominant technology. However, post-2025, N-type cells have the potential to replace p-type cells in the future.

According to Blackridge Research, the outlook for solar PV installation remains strong in the medium term, and the market is expected to expand during the forecast period due to compelling economics, and decarbonization commitments by various stakeholders.

Blackridge Research’s Puerto Rico Solar Power Market Outlook report consolidate the developments and build a perspective on growth from the point of view of the solar sector, in its current and future role.

The report provides a comprehensive analysis of the historical development, the current state of solar power installation scenario, and its outlook.

The majority of data in the report have been derived from multiple bottom-up and top-down analyses, as well as proprietary models, databases, and offerings – Solar Intelligence Hub and Global Project Tracker Service built from public and exclusive sources over the years.

The insights include but are not limited to the market data, solar PV installation data and capacity additions data and forecast, government policies and regulations, project data (upcoming solar power projects, under-construction projects, and operating/commissioned solar power plants), company profiles of major players, and competitive landscape analysis.

The market research report covers market dynamics, growth potential of the photovoltaic (PV) and concentrated solar power (CSP) markets, economic trends, and investment & Puerto Rico.

Further, the report looks at the current state and assesses the potential of residential, non-residential, and utility-scale solar PV deployment.

Special attention is given to depicting the impact of the ongoing geopolitics pandemic and changes in the government policies and regulatory landscape.