Hi guys, I want to learn how to develop shredding speed, because I can play a lot of songs, but can't catch up to the fast solos. My fretting fingers usually tends to go only up to a certain speed, then it can't go any further, like my fret hand is exercise . I want a way/exercise that WILL increase my fret speed. Like I can play all of sweet child o' mine except the fast parts in the solo. Any one please and thank you for breaking this sin.
slow it down then incrementally speed it up 
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When I first started, I almost exclusively played down picking. A good exercise is try one string tremelo picking, and it will add up speed to your picking hand, while also getting you used to alternate picking. There are also some cool licks that use just one string, and can be done with just trem picking, so it's not just a beginner exercise. If it means anything, a lot of thrash metal solos include trem picking (think Master of Puppets, it's got a really good trem picking section if you're up to it). Hope this helps. 
Just a teenage girl who loves playing guitar way too much, if that's even possible.

I live for my girlfriend. <3
As above, in musical form:

The mechanics need to be built from lower speeds. Doing it well slowly will translate to higher speeds in the future, but trying to run before being able to walk sounds like a recipe for disaster
Make sure you are playing as relaxed as possible.... Tension is the enemy of speed! As others have stated, start as slow as you need to, but also make sure you are using the least amount of muscular effort as possible. This is was a big problem for me when I first started, especially when I would play standing up. Also, if you are trying to speed up a series of triplets or sixteenth notes, try practicing the notes slowly in different rhythmic patterns (this will train your body to play the notes more evenly and with better articulation). Trust me, it works!!
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Trust me, it works!!

I agree. Pick grip is also really important. Try out new grips, some work for some things better. Sometimes you have to switch grips mid-song for something like a fast solo, where the other grip that's best for the song isn't as good for the solo. 
Just a teenage girl who loves playing guitar way too much, if that's even possible.

I live for my girlfriend. <3
Pretty much this.
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slow it down then incrementally speed it up 

Keep in mind that you'll also want to write the best part for the song, so if a slower part sounds better in context, play that instead.
And no, Guitar Hero will not help. Even on expert. Really.
How long have you been playing?  A lot of new players pick up the instrument and expect to be able to play difficult things in a few months if they practice hard.  In reality it takes much longer for speed and accuracy to develop.
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break it up in parts
"ba doo doo ba doo doo ba doo daa"
- earth,wind, and fire
you probably know that you're supposed to try to be relaxed, but maybe you don't know how.  realize that at any point during the solo, you really just need to engage a single finger in fretting whatever note (more if you're bending wide, but you get the point).  the other fingers, and even most of the rest of your hand really, aren't doing anything important as far as the guitar is concerned, so if they're not taking a break, they're not going to perform properly when it is their turn to do stuff.

this also applies to the picking hand - in between notes, what your picking hand is doing doesn't really matter to the guitar.  don't waste energy staying tense.
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