South Koreas new solar installations hit 2.5 GW in 2024
South Korea installed approximately 2.5 GW of new PV in 2024, according to preliminary figures from the Korean Energy Agency’s monthly bulletin.
The 2024 total compares to 3.31 GW in 2023, 3.28 GW in 2022, 3.92 GW in 2021, and 5.5 GW in 2020. It marks the lowest annual deployment since 2018 when 2.59 GW were installed.
The agency initially forecasted installations of 2.7 GW to 2.8 GW for the year. South Korea's cumulative PV capacity stood at about 29.5 GW at the end of 2024.
The decline reflects the government’s nuclear-focused energy strategy, reduced solar budgets, and lower renewable portfolio standard targets, alongside higher targets for nuclear power generation.
“The budget for renewable energy support items from the power industry infrastructure fund was reduced by 42.3%, the budget for support for renewable energy deployment was reduced by 35.4%, the budget for feed-in tariff was reduced by 65.1%, and the budget for financial support for renewable energy was reduced by 27.5%,” the International Energy Agency’s (IEA) Photovoltaic Power Systems Programme (PVPS) said in a recent report.
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