The Solar Energy Industries Association (SEIA) has published a deep look into the state of the solar industry in the United States. Here are some highlights from the report. (Click here for the complete version.)
- The solar industry is expected to nearly triple in cumulative deployment by 2028, as the Inflation Reduction Act provides key tax incentives and long-term certainty that will spark demand for solar and storage and accelerate the transition to renewable energy.
- In the last decade alone, solar has experienced an average annual growth rate of 24%. Thanks to strong federal policies like the solar Investment Tax Credit, rapidly declining costs, and increasing demand across the private and public sector for clean electricity, there are now more than 155 gigawatts (GW) of solar capacity installed nationwide, enough to power 27 million homes.
Solar as an Economic Engine
Massive Growth Sets the Stage for the “Solar+ Decade”!
As of 2022, more than 263,000 Americans work in solar at more than 10,000 companies in every U.S. state. In 2022, the solar industry generated nearly $35 billion of private investment in the American economy
45% of all new electric capacity added to the grid in 2023 has come from solar
Solar’s increasing competitiveness against other technologies has allowed it to quickly increase its share of total U.S. electrical generation – from just 0.1% in 2010 to over 5% today.
Battery Storage is Increasingly Paired with All Forms of Solar
Homeowners and businesses are increasingly demanding solar systems that are paired with battery storage. While this pairing is still relatively new, the growth over the next five years is expected to be significant. By 2027, nearly 30% of all new behind-the-meter solar systems will be paired with storage, compared to under 10% in 2022. The utility-scale market is also recognizing the benefits of pairing solar with storage, with over 45 GW of commissioned or announced projects paired with storage, representing over 50 GWh of storage capacity.
Sundance Power Systems prides itself on being the trailblazer in our region for battery storage. Our designers and installers have more experience and expertise with battery storage systems than any other company in the greater Asheville area. If you are considering battery storage, you should definitely contact us for a quote!
More Aggressive Growth Needed to Reach Climate Goals
While projected growth over the next 10 years spurred by the IRA puts the solar market in reach of 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. Annual installs will need to grow from less than 22 GW in 2022 to nearly 140 GW by 2030, with cumulative totals over 800 GW by the end of the decade. A combination of private sector innovation and stable, long-term public policy will set the solar industry on a path to achieving these more aggressive goals to address climate change and decarbonize the economy.
Sundance Power Systems is the Local Trailblazer for Solar, Battery Storage, Radiant Heating & Cooling
If you have been considering going solar or adding batteries to an existing system, or perhaps are planning a new home and are interested in radiant heating & cooling, call us! With over 28 years of expertise, Team Sundance is ready to help you achieve your solar future. Call us at (828) 645-2080 or click here for your free quote.
It Is Time to Own Your Power!