US Solar Market Set to Skyrocket by 2028
The US solar market is expected to triple in size over the next five years, achieving a total installed solar capacity of 378 GW by 2028, due to strong Q1 2023 numbers and a surge in demand. The Biden administration’s Inflation Reduction Act has spurred a surge of new manufacturing announcements, with US module capacity expected to rise from fewer than 9 GW today to more than 60 GW by 2026. The residential segment installed 1.6 GW of solar capacity in Q1 2023, a 30% increase from Q1 2022, and the commercial market had a record first quarter, with 391 MW installed.