U.S. Solar Market Insight
Updated December 7, 2023
The US solar industry installed 6.5 gigawatts-direct current (GWdc) of capacity in Q3 2023, a 35% year-over-year increase as federal clean energy policies begin to take hold.
As a result of this growth, the United States is expected to add a record 33 gigawatts (GW) of solar capacity in 2023, according to the U.S. Solar Market Insight Q4 2023 report released today by the Solar Energy Industries Association (SEIA) and Wood Mackenzie. While economic challenges are beginning to affect the solar and storage industry, by 2050 solar is expected to be the largest source of generating capacity on the U.S. grid.
The residential solar segment installed a record 210,000 systems in Q3. However, changes to net energy metering policy in California and elevated interest rates across the U.S. are expected to lead to a brief decline next year before growth resumes in 2025.
Click here to read the Executive Summary of the latest Solar Market Insight Report. The full report includes all the data and analysis from our Executive Summary plus incisive, state-level breakdowns of installations, costs, manufacturing and demand projections. To learn more about the Solar Market Insight Report series, click here.
For more facts and figures about the U.S. solar industry, including historical data and future projections, click here.
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