U.S. Solar Market Insight
Updated September 8, 2022
The U.S. installed 4.6 gigawatts (GWdc) of solar PV capacity in Q2 2022 to reach 130.9 GWdc of total installed capacity, enough to power 23 million American homes. Solar accounted for 39% of all new electricity-generating capacity added in the U.S. in the first half of 2021. Residential solar had its largest quarter in history with 1.36 GWdc installed, setting its fifth-straight quarterly record. Utility-scale solar installations reached 2.7 GWdc, a 25% decrease over the same quarter last year, as the industry continued to weather supply chain challenges and trade disruptions. Despite these challenges, the passage of the Inflation Reduction Act (IRA) has created significant upside to the long-term solar forecasts, with installations expected to increase by 40%, or 62 GWdc, above the previous baseline over the next five years.
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.
WASHINGTON, D.C. and HOUSTON, TX — The Inflation Reduction Act (IRA) will help the U.S. solar market grow 40% over baseline projections through 2027, equal to 62 gigawatts (GW) of additional solar capacity, according to new forecasts in the U.S. Solar Market Insight Q3 2022 report released today by the Solar Energy Industries Association (SEIA) and Wood Mackenzie, a Verisk business. According to Wood Mackenzie, the utility-scale sector will lead the solar industry’s growth over the next five years with 162 GW of new capacity. Cumulative solar installations across all market segments will nearly triple in size, growing from 129 GW today to 336 GW by 2027. (Keep Reading)
For more facts and figures about the U.S. solar industry, including historical data and future projections, click here.
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