Taiwan hits 1GW of downstream solar PV installations for the first time

The PV market has already gone through a long formation process, an analyst said.

Solar photovoltaic (PV) installations in Taiwan hit 1GW for the first time in history, according to market research firm TrendForce. Moreover, the government is pushing towards a goal of 1.5GW in new installations by the end of 2019.

EnergyTrend analyst Sharon Chen commented that though the market scale for PV systems aren't as large as that of wind power, the PV market has already undergone a long formation process.

“Consider further the fact that PV charging stations have a relatively steady and high return on investment, and it's not hard to see why even banks and life insurance firms are scrambling to claim a portion of this market,” she added.

The total capacity leapt nearly twice the figure in 2017 at 520MW.