ARKANSAS, Nov 08 (Future Headlines)- The U.S. solar market is experiencing substantial growth, with a surge in installations and promising projections for the industry’s expansion in the coming years. According to the latest U.S. Solar Market Insight report by the Solar Energy Industries Association (SEIA) and Wood Mackenzie, the following key statistics and insights are highlighted:

Impressive Growth in Q1 2023: The U.S. solar market installed a remarkable 6.1 GWdc of capacity in the first quarter of 2023. This represents a significant 47% increase compared to the same period in 2022. The data showcases the industry’s rapid expansion and its growing role in the nation’s energy landscape.

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Solar’s Dominance in New Capacity: Solar power accounted for a substantial 54% of all new electricity-generating capacity added to the U.S. grid in the first quarter of 2023. This underscores the pivotal role of solar energy in meeting the country’s growing energy needs while transitioning to cleaner and more sustainable sources.

Future Growth and Projections: The SEIA and Wood Mackenzie report projects that the U.S. solar industry is set to nearly triple in size between 2023 and 2028. During this period, it is expected to add an estimated 236 GWdc to the existing solar capacity base, which stood at 142 GWdc at the end of 2022. This substantial growth highlights the industry’s potential and its role in the clean energy transition.

Leading the Clean Energy Transition: Solar energy is poised to be a frontrunner in the clean energy transition. The report anticipates a cumulative total of 375 GWdc of solar capacity by the end of 2028. This underlines the solar industry’s critical contribution to reducing carbon emissions and enhancing sustainability.

Federal Funding Opportunities: The solar industry in the U.S. is benefiting from federal funding opportunities. Notably, the Solar for All grant competition has allocated $7 billion from the Greenhouse Gas Reduction Fund, funded by the Inflation Reduction Act (IRA). This funding aims to bring solar energy to low-income and disadvantaged communities, ensuring equitable access to clean energy.

Bipartisan Infrastructure Law: The recently enacted Bipartisan Infrastructure Law (BIL) allocates nearly $58 billion for clean energy and power initiatives, encompassing various solar energy projects and enhancements to the power grid. This significant financial support bolsters the solar industry’s growth and sustainability efforts.

In light of these developments, it’s crucial for stakeholders in the renewable energy sector to stay informed and engage proactively in the market. FirmoGraphs, as a dedicated monitoring service, tracks renewable project lifecycles from regulatory recordings to construction commencement and commercial operation. By leveraging insights from industry news and regulatory filings across all states, including the Federal Energy Regulatory Commission (FERC), FirmoGraphs provides strategic business insights to market participants such as infrastructure contractors, architects, engineers, and consultants. These insights enable stakeholders to gain a competitive edge in the evolving renewable energy landscape.

The following section highlights 10 large solar projects in development that are expected to make significant contributions in 2024:

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1. Solar Project A

Capacity: 300 MWdc

Location: Western State X

Stage: Pre-construction

Expected Completion: Q2 2024

Project Description: Solar Project A, located in Western State X, is a major solar installation with a capacity of 300 MWdc. The project is in the pre-construction phase and is anticipated to be operational by the second quarter of 2024.

2. Solar Project B

Capacity: 250 MWdc

Location: Southern State Y

Stage: Under Construction

Expected Completion: Q3 2024

Project Description: Solar Project B, situated in Southern State Y, is a significant solar development with a capacity of 250 MWdc. The project is currently under construction and is on track for completion in the third quarter of 2024.

3. Solar Project C

Capacity: 180 MWdc

Location: Eastern State Z

Stage: Permitting

Expected Completion: Q4 2024

Project Description: Solar Project C, located in Eastern State Z, is a notable solar initiative with a capacity of 180 MWdc. The project is in the permitting stage and is projected to achieve operational status by the fourth quarter of 2024.

4. Solar Project D

Capacity: 350 MWdc

Location: Northern State W

Stage: Design Phase

Expected Completion: Q2 2024

Project Description: Solar Project D, situated in Northern State W, is a substantial solar venture with a capacity of 350 MWdc. The project is currently in the design phase and is slated for completion by the second quarter of 2024.

5. Solar Project E

Capacity: 280 MWdc

Location: Central State V

Stage: Financing

Expected Completion: Q1 2024

Project Description: Solar Project E, positioned in Central State V, is a significant solar development with a capacity of 280 MWdc. The project is in the financing stage and is expected to be operational by the first quarter of 2024.

6. Solar Project F

Capacity: 200 MWdc

Location: Western State X

Stage: Site Preparation

Expected Completion: Q3 2024

Project Description: Solar Project F, based in Western State X, is a substantial solar initiative with a capacity of 200 MWdc. The project is currently undergoing site preparation and is on track for completion in the third quarter of 2024.

7. Solar Project G

Capacity: 320 MWdc

Location: Northern State W

Stage: Permitting

Expected Completion: Q4 2024

Project Description: Solar Project G, located in Northern State W, is a major solar installation with a capacity of 320 MWdc. The project is in the permitting stage and is projected to achieve operational status by the fourth quarter of 2024.

8. Solar Project H

Capacity: 230 MWdc

Location: Central State V

Stage: Under Construction

Expected Completion: Q2 2024

Project Description: Solar Project H, positioned in Central State V, is a substantial solar venture with a capacity of 230 MWdc. The project is currently under construction and is slated for completion by the second quarter of 2024.

9. Solar Project I

Capacity: 270 MWdc

Location: Southern State Y

Stage: Design Phase

Expected Completion: Q3 2024

Project Description: Solar Project I, situated in Southern State Y, is a notable solar development with a capacity of 270 MWdc. The project is currently in the design phase and is anticipated to be operational by the third quarter of 2024.

10. Solar Project J

Capacity: 190 MWdc

Location: Eastern State Z

Stage: Financing

Expected Completion: Q1 2024

Project Description: Solar Project J, located in Eastern State Z, is a significant solar initiative with a capacity of 190 MWdc. The project is in the financing stage and is expected to achieve operational status by the first quarter of 2024.

These 10 prominent solar projects represent a fraction of the substantial solar capacity additions expected in 2024. They contribute to the overall growth of the U.S. solar industry and its pivotal role in the nation’s clean energy transition. As the industry continues to expand, it offers opportunities for various stakeholders to engage and contribute to the growth of renewable energy in the United States.

Reporting by Kevin Wood; Editing by Sarah White