Solar Sector Establishes Records in 2020, On Course to Quadruple by 2030

Mar 23, 2021 09:33 AM ET
  • The UNITED STATE solar industry expanded 43% and also set up a record 19.2 gigawatts (GWdc) of ability in 2020, according to the UNITED STATE Solar Market Insight 2020 Year-in-Review report, released today by the Solar power Industries Association (SEIA) as well as Wood Mackenzie.

For the second year straight, solar led all technologies in new electric-generating capability added, making up 43%. According to Wood Mackenzie's 10-year projection, the U.S. solar sector will certainly set up an advancing 324 GWdc of new ability to get to a total of 419 GWdc over the next years.

" After a stagnation in Q2 due to the pandemic, the solar sector innovated as well as came roaring back to continue our trajectory as America's leading resource of brand-new energy," said SEIA head of state and also Chief Executive Officer Abigail Ross Hopper. "The forecast reveals that by 2030, the matching of one in eight American residences will certainly have solar, but we still have a long way to go if we want to reach our goals in the Solar+ Years. This report makes it clear that wise policies work. The action we take currently will certainly identify the speed of our growth and whether we make use of solar to sustain our economic situation and also fulfill this environment minute."

The 8 GWdc of new installations in Q4 2020 notes the largest quarter in UNITED STATE solar history. For viewpoint, the U.S. solar market added 7.5 GWdc of brand-new ability in all of 2015. New capability additions in 2020 represent a 43% boost from 2019 and damages the UNITED STATE solar market's previous record of 15.1 GWdc set in 2016.

This is the first time Wood Mackenzie has launched a long-term forecast as part of the UNITED STATE Solar Market Insight report series. By 2030, Wood Mackenzie is forecasting that the overall operating solar fleet will more than quadruple.

" The current two-year extension of the investment tax credit rating (ITC) will certainly drive higher solar fostering with 2025," stated Michelle Davis, senior analyst from Wood Mackenzie. "Compelling business economics for distributed as well as utility-scale solar along with decarbonization dedications from many stakeholders will certainly cause a site installment price of over 50 GWdc by the end of the years."

California, Texas and Florida are the leading 3 states for annual solar capability additions for the second straight year, as well as Virginia joins them as a fourth state setting up over 1 GWdc of solar PV. In 2020, 27 states installed over 100 MWdc of new solar capability, a brand-new record.

Key Figures:

  • Residential implementation was up 11% from 2019, getting to a record 3.1 GW. This was less than the 18% annual growth in 2019, as residential setups were dramatically affected by the pandemic in the initial half of 2020.
  • Non-residential setups decreased 4% from 2019, with 2 GW installed. The pandemic influenced this sector with delayed project interconnections as well as extended advancement timelines.
  • There was a historic 6.3 GWdc of utility-scale projects installed in Q4 2020, bringing the yearly overall simply timid of 14 GWdc.
  • A total of 5 GWdc of brand-new utility solar power purchase arrangements were revealed in Q4 2020, bringing the volume of project news in 2020 to 30.6 GWdc and the complete utility-scale acquired pipe to 69 GWdc.
  • The 2-year expansion of the ITC in the last days of 2020 has actually caused a 17% boost in implementation in our 2021-- 2025 forecast.

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