Solar and storage companies have announced over $100 billion in private sector investments in the US since the passage of the Inflation Reduction Act (IRA) a year ago, according to a new analysis released today by the Solar Energy Industries Association (SEIA).
Since President Joe Biden signed the IRA in August 2022, 51 solar factories have been announced or expanded in the US.
These new and expanded factories will invest nearly $20 billion into US communities and amount to 155 gigawatts (GW) of new production capacity across the solar supply chain. These announcements include 85 GW of solar panel capacity, 43 GW of solar cells, 20 GW of silicon ingots and wafers, and 7 GW of inverter capacity:
Solar factories announced in the last year are going to employ more than 20,000 Americans.
By 2026, the US will have over 17 times its current manufacturing capacity across modules, cells, wafers, ingots, and inverters when these announced factories are online – and that’s enough to supply the majority of solar projects expected to be built in the US.
And when it comes to post-IRA battery storage growth, 65 GWh of manufacturing capacity has been announced across 14 new or expanded facilities. Over 3 GW of new large-scale energy storage projects have been deployed in the last year.
“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,” said Abigail Ross Hopper, president and CEO of the SEIA, a solar nonprofit trade association. “This law is a shining example of how good federal policy can help spur innovation and private investment in communities that need it most.”
Read more: The US solar market is projected to triple in size by 2028
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alwaysneedsahand on August 15th, 2023 at 21:59 UTC »
Genuine question - is there a reason this inflation reduction act works so well in America? Is this something other countries could do? Why or why not?
Ethereal42 on August 15th, 2023 at 21:23 UTC »
Solar and batteries are so cheap now, the US has a real opportunity to limit carbon emissions and make energy cheaper.
Magnahelix on August 15th, 2023 at 19:57 UTC »
Here, it seems, is hopeful opportunity for both energy and investment.