US solar industry back on roller coaster through 2026

The Solar Energy Industries Association (SEIA) and Wood Mackenzie predict that 33 GW of solar will likely be added in the United States in 2023. Despite economic challenges in the near future, solar is expected to be the largest source of generating capacity by 2050.

Image: Rehan Syed, Unsplash

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From pv magazine USA

The 6.5 GW of new electric generating capacity added in the United States in the third quarter of 2023 has set a new record, according to the US Solar Market Insight Q4 2023 report. And the expected 55% increase over 2022 is a slight upward revision over last quarter’s expectations. The report attributed the growth, for the most part, to the US Inflation Reduction Act and other federal clean energy policies.

While the growth in solar capacity has been on an upward trajectory, with an estimated 6.5 GW installed in the third quarter, the report forecasts economic challenges ahead, and expects to see just 10% growth in 2024.

“Solar remains the fastest-growing energy source in the United States, and despite a difficult economic environment, this growth is expected to continue for years to come,” said SEIA President and CEO Abigail Ross Hopper. “To maintain this forecasted growth, we must modernize regulations and reduce bureaucratic roadblocks to make it easier for clean energy companies to invest capital and create jobs.”

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Solar made up nearly half (48%) of all new electric generating capacity additions in the first three quarters of 2023, according to the report. This brings total installed solar capacity in the United States to 161 GW with 4.7 million installations.

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