America put in 32.4 GW of photo voltaic vitality in 2023, a 51% improve from 2022. That is in keeping with the “U.S. Photo voltaic Market Perception 2023 12 months-in-Evaluate” report launched by SEIA and Wooden Mackenize.
Photo voltaic accounted for 53% of all new electrical producing capability added to the grid final 12 months, the primary time a renewable vitality supply has accounted for over 50% of annual capability additions.
“If we keep the course with our federal clear vitality insurance policies, complete photo voltaic deployment will quadruple over the subsequent 10 years,” mentioned SEIA president and CEO Abigail Ross Hopper. “The Inflation Discount Act is supercharging photo voltaic deployment and having a fabric influence on our economic system, serving to America’s photo voltaic module manufacturing base develop 89% in 2023. We should shield and optimize the insurance policies which can be driving these investments and creating jobs, and the stakes within the upcoming election couldn’t be greater.”
Whole U.S. photo voltaic capability is anticipated 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 influence the photo voltaic market. The U.S. photo voltaic trade presently 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 subsequent 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 improve our outlook 17%,” mentioned 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 huge implications for the U.S. photo voltaic trade.”
Each photo voltaic market section noticed year-over-year progress in 2023, bringing complete put in photo voltaic capability in the US to 177 GW. The utility-scale sector alone added 22.5 GW of recent capability, whereas practically 800,000 Individuals added photo voltaic to their houses.
Credit score: Polar Racking
Vitality 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 recent residential installations and 10% of non-residential installations may have storage.
Texas led the nation for brand spanking 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 wrestle in 2024 after adjustments to web 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.
Information merchandise from SEIA
