U.S. Solar Industry Adds $100B in Private Investments

According to a study by the Solar Energy Industries Association, the private sector has increased its investments in the solar and storage sector dramatically over the past year, contributing $100 billion to the American economy.

The announcement comes a year after the Inflation Reduction Act, which had substantial climate implications due to financing, initiatives, and incentives that boosted the renewable energy sector, was enacted into law. Thanks to the legislation, 51 production facilities have been announced or increased in the solar energy sector in the past year.

According to SEIA's data, the solar supply chain has also experienced a significant rise in energy capacity, with 155 gigawatts of new manufacturing capacity announced since the IRA's adoption.?

This comprises:?

Solar module capacity of 85 GW

20 GW of silicon ingots and wafers, 43 GW of solar cells

7 GW worth of inverter power

Abigail Ross Hopper, president and chief executive officer of SEIA, said in a statement that "the unprecedented surge in demand for American-made clean energy is a clear sign that the clean energy incentives enacted last year by Congress are working." "This statute is a wonderful illustration of how sound federal policy can encourage private investment and innovation in areas that most need it. We're releasing plenty of clean energy, which is generating work.

Solar energy is anticipated to grow significantly over the coming years, and by 2026, the country will have more than 17 times its current manufacturing capacity for modules, cells, wafers, ingots, and inverters. That is adequate to supply the vast majority of solar projects anticipated to be constructed in the United States. The United States will have 668 GW of solar power installed over the next ten years, which will be "enough to power every home east of the Mississippi River and offset 459 million metric tons of CO2 annually."