How much is the solar industry going to grow?

The enormous growth since 2000 paves the way for the Solar+ decade. In the past decade alone, solar energy has experienced an average annual growth rate of 33%. Thanks to strong federal policies, such as the tax credit for investment in solar energy, the rapid decline in costs, and the growing demand for clean electricity in the public and private sectors, there are now more than 130.9 gigawatts (GW) of solar capacity installed across the country, enough to supply 23 million homes. Capacity is expected to increase from 129 GW today to 336 GW in 2027, the Solar Energy Industries Association and Wood Mackenzie said.

In addition, the solar industry is a proven incubator for employment growth across the country. U.S. solar jobs increased 167% over the past decade, five times faster than the overall rate of employment growth in the U.S. .

There are more than 250,000 solar energy workers in the United States in fields that cover manufacturing, installation, project development, trading, distribution, and more. Solar energy has not reached its full potential as a source of clean energy for the United States, and much work remains to be done to boost the deployment of solar technologies. Solar hardware costs have dropped dramatically, but market barriers and grid integration challenges continue to hamper further deployment. The “soft” costs of solar energy not related to hardware, such as permits, financing and customer acquisition, are becoming an increasing fraction of the total cost of solar energy and now represent up to 65% of the cost of a residential PV system.

Technological advances and innovative market solutions are still needed to increase efficiency, reduce costs and allow utility companies to rely on solar energy as a base energy source. Read the latest on the solar energy market in the National Renewable Energy Laboratory's quarterly solar industry update. Learn more about the goals set by the U.S. Department of Energy's Office of Solar Energy Technologies (SETO) to drive innovation and reduce costs.

Download the Solar Futures study report. Learn more about SETO, its areas of research and how solar energy works. Forrestal Building1000 Independence Avenue, SW-Washington, DC 20585. While the projected growth for the next 10 years, driven by IRA, brings the solar market up to the ambitious clean energy goals set by the industry and the Biden administration, more work is needed to achieve the pace required for a 100% clean energy electricity system. As important as the California segment of the US solar market is, keep in mind that it represents 10% of the market.

If NEM 3.0 would harm California, we must ask ourselves if it is total or partial. UU. While the initial growth of community solar installations was mainly driven by three key markets (New York, Minnesota and Massachusetts), a growing list of states with community solar programs has helped diversify the market and created major oil pipelines that will materialize in the coming years. Over the next half-decade, the IRA's long-term tax incentives and manufacturing provisions provide the market certainty needed to boost expected solar deployment by more than 40% compared to pre-IRA projections.

The fixed costs of solar energy are still much higher than those of other developed solar markets around the world. Residential solar installations may decline slightly next year as California's NEM 3.0 policy takes effect. The commercial solar market, which consists of on-site solar installations for businesses, non-profit organizations and governments, has grown unevenly over the past few years, as the industry continues to unlock the funding tools needed to provide access to a wide range of types of companies. Solar panels can also be installed on roofs with virtually no impact on land use, and it is projected that more than one in seven U.

Wallace Butler
Wallace Butler

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