A database of industrial subsidies suggests global solar module manufacturing support since 2010 totals about $21 billion, with China responsible for more than 81%. However, OECD countries have increased spending in recent years.
According to data collected by the Organisation for Economic Co-operation and Development (OECD), in its OECD MAGIC Database of Industrial Subsidies, China has subsidized its solar power-related manufacturing industries by $17.4 billion from 2010 through 2024.
In contrast to China’s huge investment, OECD countries — 38 member states primarily located in Europe and the Americas, including the U.S. — have subsidized their manufacturers by just $3.9 billion over the same period.
During this window, the price of electricity generated by solar panels has fallen from nearly $0.40/kWh to under $0.04/kWh – a drop of more than 90%.
As of May, during ongoing Middle Eastern fighting, Europe had saved $11.6 billion in energy costs due to solar.
