Due partially to sturdy Q1 2023 numbers and a surge in demand, the US photo voltaic market is now anticipated to triple in dimension over the subsequent 5 years, in accordance with a new report.

In accordance with the “US Photo voltaic Market Perception Q2 2023 report,” launched right now by the Photo voltaic Vitality Industries Affiliation (SEIA) and Wooden Mackenzie, the photo voltaic market is now anticipated to realize a complete put in photo voltaic capability of 378 gigawatts (GW) by 2028.   

The US photo voltaic trade put in 6.1 GW of photo voltaic capability and had its finest first quarter in historical past in Q1 2023, because of the easing of provide chain challenges and delayed photo voltaic tasks transferring ahead.  

The Biden administration’s Inflation Discount Act has additionally spurred a surge of recent manufacturing bulletins, with US module capability anticipated to rise from fewer than 9 GW right now to greater than 60 GW by 2026. At the least 16 GW of photo voltaic module factories are beneath development as of the tip of Q1 2023. 

Regardless of buyer hesitancy, the residential section put in 1.6 GW of photo voltaic capability in Q1 2023, a 30% improve from Q1 2022. The residential market section is on observe so as to add 36 GW of photo voltaic over the subsequent 5 years, rising at a median annual fee of 6%.  

The business market additionally had a file first quarter, with 391 megawatts (MW) put in, placing it on observe for 12% development in 2023.

Florida was the highest photo voltaic state in Q1 2023, on account of 1.46 GW of utility-scale photo voltaic installations. Florida put in greater than 70% extra photo voltaic capability in Q1 than California, the No. 2 state.

The utility-scale market noticed a robust first quarter and a file 3.8 GW of put in photo voltaic capability. Extra module importers had been capable of fulfill documentation necessities beneath the Uyghur Pressured Labor Prevention Act, which enabled extra photo voltaic tools to make it to venture websites.

Nevertheless, the group photo voltaic section put in 212 MW, a 13% lower from Q1 2022, due largely to ongoing interconnection challenges.

Learn extra: Because the US heats up, right here’s how one can assist stop blackouts

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Photograph: “Photo voltaic Set up at Washington County Landfill (Closed)” by MN Air pollution Management Company is licensed beneath CC BY-NC 2.0.