This report underscores Canada’s strong momentum toward achieving its renewable energy and decarbonisation targets. Canada reached a cumulative installed PV capacity of 5.33 GWac by the end of 2023, marking a 23% increase over the previous year. Ontario and Alberta accounted for 57% and 35% of the national capacity, respectively.
Key highlights of the report include:
- Policy Leadership: Federal initiatives, including the Clean Technology Investment Tax Credit, provided critical support for PV adoption.
- Technological Trends: The Canadian market has embraced advancements such as bifacial modules and TOPCon cell technologies, driving efficiency and performance gains.
- Economic Impact: The PV sector contributed 27,868 full-time jobs and generated $3.1 billion in business value in 2023.
Policy Impacts Driving Growth
Canada’s policy framework has been instrumental in fostering this growth. Measures such as carbon pricing, which reached $65 per CO2-equivalent tonne in 2023, have created a market environment that favours renewable energy investments. Additionally, programs like net-metering updates and PACE financing have empowered homeowners and businesses to adopt PV technologies.
Outlook
As Canada advances toward its ambitious goals of 90% non-emitting electricity by 2030 and a net-zero electricity sector by 2035, PV will play an increasingly pivotal role. The growing demand for renewable energy to power electric vehicles, heat pumps, and other technologies will require continued investment and innovation in PV.
