U.S. Solar Market Insight
Updated March 10, 2022
The U.S. installed 23.6 gigawatts (GWdc) of solar PV capacity in 2021 to reach 121.4 GWdc of total installed capacity, enough to power 23.3 million American homes. Solar accounted for 46% of all new electricity-generating capacity added in the US in 2021, the third year in a row that solar made up the largest share of new capacity. However, 2021 was a year of increasing costs for the solar industry. Year-over-year price increases for utility-scale solar reached 18% for fixed-tilt projects and 14.2% for single-axis tracking projects in Q4. Despite these challenges, forecasts remain strong, including the potential impacts of potential federal clean energy policies under consideration, which would increase solar deployment projections by 66% over the next decade.
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 – In 2021, U.S. solar prices increased as much as 18% due to unprecedented supply chain challenges, trade actions, and legislative uncertainty, according to the U.S. Solar Market Insight 2021 Year in Review report. As a result of these issues, a third of all utility-scale solar capacity scheduled for completion in Q4 2021 was delayed by at least a quarter and 13% of capacity slated for completion in 2022 has either been delayed by a year or more or canceled outright, according to the report released today by the Solar Energy Industries Association (SEIA) and Wood Mackenzie, a Verisk business. Over the last 6 months, Wood Mackenzie has decreased near-term solar forecasts by 11 gigawatts (GW), or 19%, due in large part to continued supply chain constraints, price increases, and interconnection challenges. (Keep reading)
For more facts and figures about the U.S. solar industry, including historical data and future projections, click here.
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