Solar container 2023 indicators

How much solar capacity did the US solar market install in 2023?

Key figures In 2023, the US solar market installed 32.4 GWdc of capacity, a remarkable 51% increase from 2022. This was the industry’s biggest year by far, exceeding 30 GWdc of capacity for the first time.

Will the community solar market grow in 2024?

Despite these interconnection delays, development pipelines in newer state markets remain very strong, supporting our expectation for 15% annual growth nationally in 2024. Overall, we expect the national community solar market to grow by 7% annually on average through 2028.

How big was solar in 2023?

This was the industry’s biggest year by far, exceeding 30 GWdc of capacity for the first time. Solar accounted for 53% of all new electricity-generating capacity added to the US grid in 2023, making up over half of new generating capacity for the first time.

How big will solar be in 2034?

In our Base case outlook, total solar deployment is set to grow to more than 670 GWdc by 2034, nearly quadrupling from today’s level. While we expect about 38 GWdc of capacity installations in 2024, typical volumes will be in the 48-50 GWdc range from 2030 onward. This is a reduction from our expectations in our last Year in Review report.

How did the utility-scale solar sector perform in 2023?

Utility-scale segment rebounds in 2023 The utility-scale solar segment rebounded in 2023 from the downturn observed in 2022. The sector grew by 77% in installed capacity compared to 2022, with a total of 22.5 GWdc interconnected last year. This growth was acute in Q4 2023, which was a record quarter for the segment by over 4 GWdc.

How did the US solar industry recover in 2023?

2023 was a year of recovery for the US solar industry. After installation volumes shrank 9% in 2022 due to various trade actions impacting solar imports, supply chain stability helped the industry get back to business in 2023.