Germany’s EUPD Research predicts that the US will see significant growth in solar and storage capacity thanks to the Inflation Reduction Act (IRA). The research expects the US to install 233 GW DC of new solar PV capacity between 2023 and 2028, with 70 GW DC of distributed solar.
In 2023 alone, 35 GW DC of new PV capacity is expected to be added, making it a record-breaking year for solar installations. The forecast is slightly higher than projections from SEIA and Wood Mackenzie, who expect 32 GW DC of new PV capacity in the US in 2023. EUPD researchers also anticipate 69 GW of battery storage capacity to be added during the forecast period, including 10 GW in 2023. This growth is notable considering the US only added 97 GW DC of PV capacity and 12 GW of storage capacity from 2018 to H1/2023.
The IRA has attracted significant investment, with 79 new and expanded PV manufacturing plants announced in the US, as well as over $100 billion in new battery manufacturing and supply chain investments.
EUPD’s Market Leadership Study reveals that the new solar panel manufacturing capacity announced can power 15 million additional homes annually and create over 20,000 new jobs. EUPD also highlights the key role of downstream players in the US market, with Sunrun, SunPower, and Tesla Energy leading the list of top installers based on factors such as installed capacity, financial health, geographical presence, and customer reviews. Other top installers include Sunnova, ADT Solar, Palmetto Solar, Freedom Forever, Trinity Solar, Titan Solar Power, and Momentum Solar.
