Solar Power Surges with Record 32.4 GW Installation, Policy Impact Revealed

• SEIA projects that energy generated by solar power installation will contribute 30% of U.S. electricity by 2030.
• In 2023, the U.S. solar industry added a record-breaking 32.4 GW of electric generating capacity.
• The Inflation Reduction Act has significantly boosted solar deployment, leading to an 89% growth in America’s solar module manufacturing base in 2023, according to SEIA.

The Solar Energy Industries Association (SEIA) predicts a huge increase in solar power installations all across the United States. SEIA, a major supporter of clean energy, expects solar energy to provide 30% of the nation’s electricity by 2030, thanks to the industry’s incredible growth in recent times.

The latest report from SEIA and Wood Mackenzie, called the U.S. Solar Market Insight 2023 Year in Review, shows some amazing news. In just 2023, the solar industry added an amazing 32.4 gigawatts (GW) of new electricity generation capacity.

That’s a big 37% jump from the last record in 2021, and an impressive 51% more than 2022. Now, solar power makes up a huge 53% of all new electricity generation added to the grid, which is a major milestone in the history of renewable energy.

Abigail Ross Hopper, the President and CEO of SEIA, highlights how important federal clean energy policies have been in fueling this huge growth. She points out how the Inflation Reduction Act has really boosted solar power installation and has even increased America’s solar panel manufacturing by an impressive 89% in 2023.

Hopper claims, “If we stay the course with our federal clean energy policies, total solar deployment will quadruple over the next ten years.”

The report forecasts that the total solar capacity in the U.S. will substantially increase, reaching 673 gigawatts by 2034. That’s enough to power over 100 million homes. But there are some uncertainties ahead, especially with the upcoming presidential election and how it might affect policies. Things like interest rates, tax credits, trade policies, and how easy it is to get the materials needed can all really change how much solar power gets installed over the next ten years.

Michelle Davis, head of global solar at Wood Mackenzie and lead author of the report, highlights the potential implications of various policy and economic outcomes on the U.S. solar industry. She explains, “A high case for U.S. solar with increased supply chain stability, more tax credit financing, and lower interest rates would increase our outlook by 17%. Conversely, a low case with supply chain constraints, less tax credit financing, and static interest rates would decrease our outlook by 24%.”

As the solar industry continues its fast growth trajectory, SEIA is dedicated to pushing for policies that encourage fair competition, create jobs, and make sure more people can benefit from affordable solar energy.

They’re working towards their vision for the Solar+ Decade, which includes doing lots of research, educating people, and advocating for clean energy to make sure future generations have a greener future.

SOURCE | IMAGES: SEIA | SEIA, CHELSEA and ZBYNEK BURIVAL ON UNSPLASH

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