Global solar report finds billions in revenue loss due to underperformance

Raptor Maps just released the sixth edition of its “Global Solar Report,” which features data that starkly showcases the underperformance of solar assets.

The report finds that global revenue loss due to equipment-driven underperformance last year reached $4.6 billion, and that power loss due to equipment anomalies on solar farms rose from 3.13% to 4.47% year-over-year.

The “Global Solar Report” draws on data from 125 GW of PV systems from thousands of solar sites, and the report’s findings assume heightened significance given the solar industry’s unprecedented growth.

“The world surpassed the 1-terawatt mark for global solar installations two years ago, and our sights are firmly set on the 10-TW milestone,” said Raptor Maps CEO and co-founder Nikhil Vadhavkar. “Our sector is foundational to meeting our climate goals of 1.5°C. As the pace of installation increases, asset owners are turning to technology to address the challenges outlined in our ‘Global Solar Report’ to restore production, optimize asset management, and ensure the investability of the sector for years to come.”

Raptor Maps identified $177.7 million in preventable annualized revenue loss for customers in 2023, an average of $4,696/MW_dc, which, extrapolated to the whole industry, totals $4.6 billion in potential revenue loss.

The largest solar sites in the study tended to exhibit higher average power loss, with sites between 100 and 200 MW_dc averaging 4.75% power loss, and sites above 200 MW averaging 4.91% power loss. And that power loss comes with a heavy financial burden: Sites above 100 MW averaged $5,000/MW in annual revenue loss, surpassing the global average of $4,696/MW.

As solar emerges as the dominant force in the clean energy transition, growth will increasingly hinge on autonomous systems.

“Owners and operators who are already working with digital twins of their sites can now leverage robotics and AI to tackle labor challenges directly impacting power production,” noted Eddie Obropta, CTO and Co-founder of Raptor Maps. “We just launched a new AI tool, Instant Inspections, based on customer demand, which enables the detection and categorization of thermal anomalies 99% faster than conventional solar aerial inspections at C&I sites.”