The future of solar energy in the United States is brighter than ever, with near-term installations set to skyrocket. According to a recent article by Michelle Davis, Head of Global Solar at Wood Mackenzie, on Forbes, the US solar industry is on an incredibly strong growth trajectory. Within a few short years, the industry will be regularly installing 40-50 gigawatts (GW) of capacity, a significant leap from the 25 GW installed in 2021.
THE US SOLAR OUTLOOK AND OPPORTUNITIES
The US solar market represents about US $45 billion in capital expenditures annually on solar projects. By 2033, this figure is expected to almost double to $72 billion per year. As the US solar industry grows, it will evolve to make up the largest share of generating capacity in the country. According to Wood Mackenzie’s analysis, utility-scale solar will make up 40% of generating capacity in the US by 2050.
CHALLENGES AND OPPORTUNITIES IN THE SOLAR INDUSTRY
However, this high level of growth also presents challenges. The most pressing challenge today is interconnecting a project to the transmission system. The time it takes for a project to interconnect to the grid from the date it enters the interconnection queue has expanded to four years. There are also policy challenges, especially for distributed solar projects as market penetration increases.
Despite these challenges, there are numerous opportunities for investment in solar projects. The best opportunity is to pair solar projects with storage much more frequently than is done today. This will help to limit low-value midday solar exports which are already causing havoc on highly penetrated grids and increasing curtailment.
The solar industry is one of the most critical for the US as it moves forward with the energy transition. As we at Innovate Energy Group (IEG) continue to monitor these trends, we are committed to helping our clients navigate the challenges and seize the opportunities in this rapidly evolving landscape.
For more information on how IEG can assist you in your solar energy projects, please contact us.
Source: Forbes
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