For the primary time, Texas has bumped California out of the No 1 spot for essentially 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 line with the American Clear Energy Affiliation’s “Clear Energy Quarterly Market Report | Q2 2024.”
And in line with the US Photo voltaic Market Perception Q3 2024 report launched at present by the Photo voltaic Power Industries Affiliation (SEIA) and Wooden Mackenzie, the US photo voltaic business put in 9.4 GW of latest electrical technology capability in Q2 2024, principally because of utility-scale development.
The Biden administration’s Inflation Discount Act (IRA), which turned legislation in 2022, has been the primary catalyst for the US photo voltaic business’s fast rise. Photo voltaic panel manufacturing capability now exceeds 31 gigawatts (GW) — an almost four-fold improve underneath the IRA.
The photo voltaic business has added 75 GW of latest capability to the grid, representing over 36% of all photo voltaic capability in-built 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 business is popping federal clear vitality insurance policies into motion by quickly creating jobs and powering financial development in all 50 states, significantly in battleground states like Arizona, Nevada, and Georgia,” stated SEIA president and CEO Abigail Ross Hopper.
Challenges forward
The residential photo voltaic market contracted additional in Q2 2024, because of excessive rates of interest and coverage adjustments in California. Residential photo voltaic added 1.1 GW of latest capability in Q2, its lowest quarter in practically three years. Nevertheless, the residential photo voltaic market is predicted to select up once more in 2025 and is projected to set annual data from 2026 to 2029.
Going ahead, it gained’t be easy crusing for the US photo voltaic business – it’s dealing with interconnection backlogs, electrical tools shortages, newly proposed tariff uncertainty, and labor shortages. The SEIA predicts that annual photo voltaic installations will develop at 4% on common over the subsequent a number of years because the business grapples with these challenges.
By 2029, complete US photo voltaic capability is predicted to double to 440 GW.
Learn extra: Enel is deploying 6,000+ sheep to eight Texas photo voltaic farms
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