Solar irradiance: The solar output remains low (Fig. 4), at the lowest level in the period since satellite measurements began in the late 1970s, and the time since the prior solar minimum is already 12 years, two years longer than the prior two cycles. This has led some people to speculate that we may be entering a "Maunder Minimum" situation, a period of reduced irradiance that could last for decades. Most solar physicists expect the irradiance to begin to pick up in the next several months — there are indications, from the polarity of the few recent sunspots, that the new cycle is beginning.
However, let's assume that the solar irradiance does not recover. In that case, the negative forcing, relative to the mean solar irradiance is equivalent to seven years of CO2 increase at current growth rates. So do not look for a new "Little Ice Age" in any case. Assuming that the solar irradiance begins to recover this year, as expected, there is still some effect on the likelihood of a near-term global temperature record due to the unusually prolonged solar minimum. Because of the large thermal inertia of the ocean, the surface temperature response to the 10-12 year solar cycle lags the irradiance variation by 1-2 years. Thus, relative to the mean, i.e, the hypothetical case in which the sun had a constant average irradiance, actual solar irradiance will continue to provide a negative anomaly for the next 2-3 years.
http://data.giss.nasa.gov/gistemp/2008/