For the primary time, Texas has bumped California out of the No 1 spot for probably the most utility-scale photo voltaic capability.
US photo voltaic’s fast rise in simply 2 years
Including 1,656 MW in Q2 2024, Texas now boasts of 21,932 MW of on-line solar energy, in keeping with the American Clear Energy Affiliation’s “Clear Energy Quarterly Market Report | Q2 2024.”
And in keeping with the US Photo voltaic Market Perception Q3 2024 report launched at present by the Photo voltaic Vitality Industries Affiliation (SEIA) and Wooden Mackenzie, the US photo voltaic trade put in 9.4 GW of recent electrical technology capability in Q2 2024, principally due to utility-scale progress.
The Biden administration’s Inflation Discount Act (IRA), which grew to become legislation in 2022, has been the primary catalyst for the US photo voltaic trade’s fast rise. Photo voltaic panel manufacturing capability now exceeds 31 gigawatts (GW) — a virtually four-fold enhance below the IRA.
The photo voltaic trade has added 75 GW of recent capability to the grid, representing over 36% of all photo voltaic capability inbuilt US historical past, in simply two years. Almost 1.5 million US houses have put in photo voltaic because the IRA handed.
“The photo voltaic and storage trade is popping federal clear vitality insurance policies into motion by quickly creating jobs and powering financial progress in all 50 states, notably in battleground states like Arizona, Nevada, and Georgia,” mentioned SEIA president and CEO Abigail Ross Hopper.
Challenges forward
The residential photo voltaic market contracted additional in Q2 2024, due to excessive rates of interest and coverage adjustments in California. Residential photo voltaic added 1.1 GW of recent capability in Q2, its lowest quarter in almost three years. Nonetheless, the residential photo voltaic market is anticipated to choose up once more in 2025 and is projected to set annual information from 2026 to 2029.
Going ahead, it gained’t be clean crusing for the US photo voltaic trade – it’s going through interconnection backlogs, electrical gear shortages, newly proposed tariff uncertainty, and labor shortages. The SEIA predicts that annual photo voltaic installations will develop at 4% on common over the following a number of years because the trade grapples with these challenges.
By 2029, whole US photo voltaic capability is anticipated to double to 440 GW.
Learn extra: Enel is deploying 6,000+ sheep to eight Texas photo voltaic farms
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