U.S. solar tallied best-ever Q1, with usage seen doubling in next five years
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The U.S. solar industry enjoyed the most growth of any Q1 in its history in 2023, as supply chain constraints showed signs of loosening, and should triple in market size by 2028, with 236 GW of new capacity expected in the next five years.
According to a report this week from Wood Mackenzie and the Solar Energy Industries Association, 6.1 GW of solar was installed across the U.S. in Q1, up 47% from a year earlier, and accounted for 54% of all new electricity generating capacity added to the grid during the quarter.
Utility-scale projects jumped 66% Y/Y, thanks to a slight relaxing of module supply constraints that led some delayed projects from last year to finally come online, WoodMac said.
The U.S. solar market is forecast to more than double over the next five years, as the Inflation Reduction Act kicks in, with total installed capacity seen reaching 377 GW at the end of 2028 from 142 GW at the end of last year.
As much as 60 GW of U.S. production capacity may be in service by 2028, up from less than 9 GW currently, the report said, noting that at least 16 GW of capacity already are under construction.
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