The most accurate value of total solar irradiance during the 2008 solar minimum period is 1360.8 ± 0.5 W m−2 according to measurements from the Total Irradiance Monitor (TIM) on NASA's Solar Radiation and Climate Experiment (SORCE) and a series of new radiometric laboratory tests. This value is significantly lower than the canonical value of 1365.4 ± 1.3 W m−2 established in the 1990s, which energy balance calculations and climate models currently use. Scattered light is a primary cause of the higher irradiance values measured by the earlier generation of solar radiometers in which the precision aperture defining the measured solar beam is located behind a larger, view-limiting aperture. In the TIM, the opposite order of these apertures precludes this spurious signal by limiting the light entering the instrument. We assess the accuracy and stability of irradiance measurements made since 1978 and the implications of instrument uncertainties and instabilities for climate research in comparison with the new TIM data. TIM's lower solar irradiance value is not a change in the Sun's output, whose variations it detects with stability comparable or superior to prior measurements; instead, its significance is in advancing the capability of monitoring solar irradiance variations on climate-relevant time scales and in improving estimates of Earth energy balance, which the Sun initiates.