How much of the solar irradiance variations is caused by the magnetic field at the solar surface?

The contribution to total solar irradiance variations by the magnetic field at the solar surface is estimated. Detailed models of the irradiance changes on the basis of magnetograms show that magnetic features at the solar surface account for over 90% of the irradiance variations on a solar rotation time scale and at least 70% on a solar cycle time scale. If the correction to the VIRGO record proposed by Fröhlich & Finsterle (2001) is accepted, then magnetic features at the solar surface are responsible for over 90% of the solar cycle irradiance variations as well.