U.S. Solar Market Insight
Updated December 15, 2020
The U.S. installed 3.8 gigawatts (GW) of solar PV capacity in Q3 2020 to reach 88.9 GW of total installed capacity, enough to power 16.4 million American homes. Residential installations were up 14% from Q2 to Q3 2020 after shelter-in-place orders during the spring caused the largest quarterly decline in history in the second quarter. A total of 9.5 GWdc of new utility PV power purchase agreements were announced in Q3, bringing the contracted utility-scale solar pipeline to a record total of 69 GW. Wood Mackenzie forecasts 43% annual growth in 2020, with more than 19 GWdc of installations expected. In total, the U.S. solar market will install more than 107 GWdc of solar over the next five years.
Click here to read the Executive Summary of the latest Solar Market Insight Report. The full report includes all the data and analysis from our Executive Summary plus incisive, state-level breakdowns of installations, costs, manufacturing and demand projections. To learn more about the Solar Market Insight Report series, click here.
WASHINGTON, D.C. and HOUSTON, TX –
U.S. solar companies installed 3.8 gigawatts (GW) of new solar photovoltaic (PV) capacity in Q3 2020, a 9% increase from Q2 installations as the industry experienced a recovery from the worst impacts of the COVID-19 pandemic. According to the U.S. Solar Market Insight Q4 2020 report, released today by the Solar Energy Industries Association (SEIA) and Wood Mackenzie, solar accounts for 43% of all new electric generating capacity additions through Q3 2020, more than any other electricity source. The report projects a record 19 GW of new solar capacity installations in 2020, representing 43% year-over-year growth from 2019. (Keep reading)
For more facts and figures about the U.S. solar industry, including historical data and future projections, click here.