According to the latest U.S. Solar Market Insight report by the Solar Energy Industries Association (SEIA) and Wood Mackenzie, the U.S. solar market installed 6.1 GWdc of capacity in the first quarter of 2023, a 47% increase from the same period in 2022. Solar accounted for 54% of all new electricity-generating capacity added to the U.S. grid in the first quarter of 2023.
The report also projects that between 2023 and 2028, the industry is expected to nearly triple in size, adding an estimated 236 GWdc to the existing base of 142 GWdc, calculated as of the end of 2022. Solar will be the leading technology of the clean energy transition, with a cumulative total of 375 GWdc by the end of 2028.
As readers may know, the solar industry benefits from federal funding opportunities. Notably, the Solar for All grant competition allocates $7 billion from the Greenhouse Gas Reduction Fund, funded by the Inflation Reduction Act (IRA), to bring solar energy to low-income and disadvantaged communities. The Bipartisan Infrastructure Law (BIL) includes almost $58 billion for clean energy and power initiatives, encompassing solar energy projects and power grid enhancements.
FirmoGraphs monitors renewable project lifecycle, from when utility regulators record them until construction commencement and commercial operation. Proactive engagement in this market entails leveraging insights from industry news and filings from utility regulators across all states, including the Federal Energy Regulatory Commission (FERC) and other publicly available sources. This approach enables us to offer strategic business insights to various market stakeholders, such as U.S. infrastructure contractors, architects, engineers, and consultants, helping them gain a competitive edge. This blog covers 10 large solar projects in development for 2024.
