In this paper we discuss the influence that active regions have upon the solar constant. Sunspots appear to lower the solar constant for the few days in which they are located near central meridian. This raises the possibility that an 11-year, solar-cycle-related depression in the solar constant may occur. Recent findings concerning the physics of active regions suggest that sunspots and faculae are largely surface features. Within that surface faculae reradiate, within a few weeks, the ''missing energy'' associated with sunspots. This is consistent with the observations showing that the solar constant does not have an 11-year cycle-related depression that some authors predicted. However, there is a secular variation in the solar constant, whose explanation is not completely understood. ¿ American Geophysical Union 1987