Join day by day information updates from CleanTechnica on electronic mail. Or comply with us on Google Information!
For the primary time in historical past, photo voltaic accounts for over 50% of latest electrical energy capability added to the grid
WASHINGTON, D.C. — The U.S. photo voltaic business added a record-shattering 32.4 gigawatts (GW) of latest electrical producing capability in 2023, a 37% enhance from the earlier document set in 2021 and a 51% enhance from 2022.
In accordance with the U.S. Photo voltaic Market Perception 2023 12 months in Overview launched at the moment by the Photo voltaic Power Industries Affiliation (SEIA) and Wooden Mackenzie, photo voltaic accounts for 53% of all new electrical producing capability added to the grid final yr. This marks the primary time in 80 years {that a} renewable electrical energy supply has accounted for over 50% of annual capability additions.
“If we keep the course with our federal clear power insurance policies, complete photo voltaic deployment will quadruple over the following ten years,” stated SEIA president and CEO Abigail Ross Hopper. “The Inflation Discount Act is supercharging photo voltaic deployment and having a fabric impression on our financial system, serving to America’s photo voltaic module manufacturing base develop 89% in 2023. We should shield and optimize the insurance policies which might be driving these investments and creating jobs, and the stakes within the upcoming election couldn’t be increased.”
Complete U.S. photo voltaic capability is predicted to develop to 673 GW by 2034, sufficient to energy greater than 100 million houses.
The report consists of forecast eventualities that present how coverage and financial elements may impression the photo voltaic market. The U.S. photo voltaic business at present faces a number of uncertainties, together with coverage outcomes related to the upcoming presidential election. The eventualities think about varied elements together with rates of interest, tax credit score financing, commerce coverage, provide chain availability, and interconnection, amongst others, over the following 10 years. There’s a 200 GW distinction between the high- and low-case forecasts by 2034.
“A excessive case for U.S. photo voltaic with elevated provide chain stability, extra tax credit score financing, and decrease rates of interest would enhance our outlook 17%,” stated Michelle Davis, head of world photo voltaic at Wooden Mackenzie and lead writer of the report. “A low case with provide chain constraints, much less tax credit score financing, and static rates of interest would lower our outlook 24%. Numerous coverage and financial outcomes may have large implications for the U.S. photo voltaic business.”
Photo voltaic module manufacturing capability grew from 8.5 GW to 16.1 GW in 2023. Nevertheless, record-low costs for modules and a troublesome financial surroundings may make it troublesome for U.S. producers to comply with by way of on introduced amenities. In 2023, costs for monofacial and bifacial photo voltaic modules fell 26% and 31%, respectively. The USA at present doesn’t have any ingot, wafer, or cell manufacturing amenities in operation, representing a chance for development.
Each photo voltaic market section noticed year-over-year development in 2023, bringing complete put in photo voltaic capability in the USA to 177 GW. The utility-scale sector alone added 22.5 GW of latest capability, whereas almost 800,000 Individuals added photo voltaic to their houses.
Power storage use continues to develop throughout the nation. In 2023, photo voltaic + storage accounted for 13% of residential installations and 5% of non-residential installations. In 2024, 25% of latest residential installations and 10% of non-residential installations may have storage.
Texas led the nation for brand new photo voltaic installations with 6.5 GW, eclipsing California for the second time within the final three years. California’s residential photo voltaic market will battle in 2024 after modifications to internet metering insurance policies take impact, contributing to a projected 36% decline throughout all segments within the state.
Colorado and Ohio are among the many high 10 photo voltaic states in 2023 for the primary time in over a decade, whereas Wisconsin made its debut look within the high 10. Greater than half of U.S. states have 1 GW of complete put in photo voltaic capability.
Be taught extra at seia.org/smi.
About SEIA®:
The Photo voltaic Power Industries Affiliation® (SEIA) is main the transformation to a clear power financial system, creating the framework for photo voltaic to realize 30% of U.S. electrical energy era by 2030. SEIA works with its 1,000 member corporations and different strategic companions to combat for insurance policies that create jobs in each neighborhood and form truthful market guidelines that promote competitors and the expansion of dependable, low-cost solar energy. Based in 1974, SEIA is the nationwide commerce affiliation for the photo voltaic and photo voltaic + storage industries, constructing a complete imaginative and prescient for the Photo voltaic+ Decade by way of analysis, schooling and advocacy. Go to SEIA on-line at www.seia.org and comply with @SEIA on Twitter, LinkedIn and Instagram.
Media Contact:
Jen Bristol, SEIA’s Senior Director of Communications, jbristol@seia.org (202) 556-2886
Morgan Lyons, SEIA’s Director of Communications, mlyons@seia.org (202) 556-2872
Information launch from SEIA.
Observe that a number of the press releases revealed in our Newswire Nook are sponsored content material.
Have a tip for CleanTechnica? Need to promote? Need to recommend a visitor for our CleanTech Discuss podcast? Contact us right here.
Newest CleanTechnica TV Video
CleanTechnica makes use of affiliate hyperlinks. See our coverage right here.
