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The
solar industry had its best first quarter ever, installing 6.1
gigawatts (GW), an analysis by research firm Wood Mackenzie and
the Solar Energy Industries Association (SEIA) trade group
found. That is enough capacity to power more than 1 million
homes.
The sector accounted for 54% of new U.S. electric generating
capacity during the quarter, the report said. Florida had more
new installations than any other state.
As a result of the strong quarter, SEIA raised its forecast for
the year slightly to 29 GW from 28.4 GW.
Large projects for utilities and other big customers led
installations with 3.8 GW, up 66% from a year earlier. The
growth represents a substantial turnaround for the industry,
which has been struggling with tight supplies of imported panels
stemming from implementation of a law meant to weed out products
made with forced labor.
The report said 12 GW of solar modules were imported in the
first quarter compared with 29 GW in all of 2022.
Residential solar also had a banner quarter, soaring 30% to 1.6
GW. Homeowners in California, the sector's biggest market,
scrambled to get systems installed before the state implemented
a new policy in April that slashed a subsidy for panel owners.
The industry, however, is seeing a slowdown in many states due
to economic uncertainty, SEIA said, and residential solar
installations are only expected to rise 8% this year.
In the report, SEIA said it expects strong growth for the
industry over the next five years, thanks in large part to
renewable energy incentives in U.S. President Joe Biden's new
Inflation Reduction Act. Growth rates are expected to be in the
low teens between 2024 and 2028, with installations tripling
from their current level by 2029.
(Reporting by Nichola Groom; Editing by Marguerita Choy)
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