China's new household photovoltaic capacity more than doubles in 2021

BEIJING -- China's newly-added installed household photovoltaic capacity surged 113 percent in 2021 amid the country's bid to reduce carbon emissions and promote green development, industry data shows.

The capacity increased by 21.6 gigawatts last year, exceeding market expectations of 16 to 18 gigawatts and reporting growth of around 100 percent for three consecutive years, according to a report from the China International Capital Corporation (CICC).

Household photovoltaic capacity accounted for 41 percent of China's newly-added installed photovoltaic capacity in 2021, up 20 percentage points year on year, indicating strong growth in demand.

CICC attributed the rapid expansion of the sector to factors including the low threshold of construction, abundant roof resources, as well as an improved market concentration and business model.

Price reduction of photovoltaic modules will stimulate the potential market in the future, said the corporation, expecting the sector to grow by around 50 percent in 2022 and register annual growth at about 30 percent in the period from 2023 to 2025.