The USA put in 32.4 GW of picture voltaic vitality in 2023, a 51% enhancement from 2022. That’s in response to the “U.S. Solar Market Insight 2023 Year-in-Review” report launched by SEIA and Picket Mackenize.
Picture voltaic accounted for 53% of all new electrical producing functionality added to the grid’s closing 12 months, the first time a renewable vitality provide has accounted for over 50% of annual functionality additions.
“If we preserve the course with our federal clear vitality insurance coverage insurance policies, complete picture voltaic deployment will quadruple over the following 10 years,” said SEIA president and CEO Abigail Ross Hopper. “The Inflation Low cost Act is supercharging picture voltaic deployment and having a fabric impression on our financial system, serving to America’s picture voltaic module manufacturing base develop 89% in 2023. We should always protect and optimize the insurance coverage insurance policies which might be driving these investments and creating jobs, and the stakes throughout the upcoming election couldn’t be higher.”
Full U.S. picture voltaic functionality is anticipated to develop to 673 GW by 2034, adequate to power higher than 100 million homes.
The report consists of forecast conditions that current how protection and monetary components might impression the picture voltaic market. The U.S. picture voltaic commerce for the time being faces a number of uncertainties, along with protection outcomes associated to the upcoming presidential election. The conditions consider quite a few components along with charges of curiosity, tax credit score rating financing, commerce protection, present chain availability, and interconnection, amongst others, over the following 10 years. There is a 200-GW distinction between the high- and low-case forecasts by 2034.
“An extreme case for U.S. picture voltaic with elevated present chain stability, further tax credit score rating financing and decreased charges of curiosity would improve our outlook 17%,” said Michelle Davis, head of worldwide picture voltaic at Picket Mackenzie and lead author of the report. “A low case with present chain constraints, a lot much less tax credit score rating financing, and static charges of curiosity would decrease our outlook by 24%. Diversified protection and monetary outcomes might have giant implications for the U.S. picture voltaic commerce.”
Every picture voltaic market part seen year-over-year progress in 2023, bringing the entire put-in picture voltaic functionality in America to 177 GW. The utility-scale sector alone added 22.5 GW of the newest functionality, whereas virtually 800,000 Folks added picture voltaic to their homes.
Vitality storage use continues to develop all through the nation. In 2023, picture voltaic + storage accounted for 13% of residential installations and 5% of non-residential installations. In 2024, 25% of newest residential installations and 10% of non-residential installations might have storage.
Texas led the nation for model new picture voltaic installations with 6.5 GW, eclipsing California for the second time throughout the closing three years. California’s residential picture voltaic market will battle in 2024 after modifications to net metering insurance coverage insurance policies take impression, contributing to a projected 36% decline all through all segments throughout the state.
Colorado and Ohio are among the many many prime 10 picture voltaic states in 2023 for the primary time in over a decade, whereas Wisconsin made its debut look throughout the prime 10. Larger than half of U.S. states have 1 GW of complete put-in picture voltaic functionality.
Information merchandise from SEIA
