US Smashes Solar Records: Adds 32GW in 2023

• Record-breaking solar growth in 2023: 32GW added, 800,000 homes with panels. Federal policies crucial for continued industry expansion and job creation.

The United States added a record-breaking 32GW of solar capacity in 2023, with utility-scale projects accounting for 22.5GW of the new installations. Nearly 800,000 Americans also added solar panels to their homes during the year, according to a report by the Solar Energy Industries Association (SEIA) and Wood Mackenzie.

This surge in solar installations marks a 37% increase from the previous record set in 2021 and a 51% increase from 2022. The growth in solar capacity is attributed to the Inflation Reduction Act, which is driving investment in the solar industry and helping to create jobs. The report forecasts that total US solar capacity could reach 673GW by 2034, enough to power over 100 million homes.

SEIA president and CEO Abigail Ross Hopper emphasized the importance of maintaining federal clean energy policies to continue the growth of the solar industry. The report also highlights how different policy and economic factors could impact the future of the US solar market, with scenarios showing potential increases or decreases in solar capacity based on various outcomes.

What factors are driving the record-breaking growth of solar capacity in the US?

Factors driving the record-breaking growth of solar capacity in the US:

1. Inflation Reduction Act: This legislation is driving investment in the solar industry by providing incentives and reducing barriers to entry, leading to increased installations of solar projects.
2. Job creation: The growth in solar capacity is creating jobs in the renewable energy sector, attracting more individuals and companies to invest in solar energy projects.
3. Decreasing costs: The cost of solar panels and installation has been steadily decreasing, making solar energy more affordable and accessible to a larger number of consumers and businesses.
4. Environmental awareness: With a growing emphasis on sustainability and reducing carbon emissions, more individuals and organizations are turning to solar energy as a clean and renewable source of power.
5. Federal clean energy policies: Maintaining federal policies that support clean energy, such as tax incentives and renewable energy standards, is crucial for the continued growth of the solar industry in the US.