08-06-2023, Solar Energy Industries Association (SEIA) released a U.S. Solar Market Insight Q2 2023 report that states that 6.1 gigawatts of solar capacity were installed all over the USA in the first quarter Q1 of 2023. According to the statistics of the report, it had been the best quarter of the U.S. solar market in history that broke all records.
In response to the record-breaking first quarter, Wood Mackenzie gave a statement. They said that they are expecting the solar market to triple in size over the next five years and the capacity to reach over 378 Gigawatts by the end of 2028.
In the past, the global supply chain for solar components has been disrupted due to the COVID-19 pandemic and the war in Ukraine. However, these disruptions have begun to end, which has allowed solar installers to get the materials they need to build more projects.
The IRA also announced the sudden and significant increase in the solar capacity modules from 9 G.W. to 60 G.W. by 2026. Moreover, at least 16 G.W. of modules are under construction during Q1 2023.
The Biden administration also provided a future plan on how landmark law’s adder credits will be used for the solar panel land. The land rented from the owner will be used to place solar panels, modules, and other important stuff to increase the annual production of energy from solar panels.
Solar Energy Industries Association states that as the Inflation Reduction Act begins to flex its muscle and drive demand, the U.S. solar and storage industry is eagerly awaiting further guidance on some of the most impactful pieces of the law.
The credit can’t be widely used currently. It’s because, to the current date, there’s no crystalline silicon solar cell manufacturing plant in the USA. It could take a few years before crystalline silicon solar cell manufacturing can be developed in the USA, and the credit can be widely spread in the USA.
