Solar Power in US to More Than Double by 2028 as IRA Spurs Usage

Jan 31, 2024

(Bloomberg) -- The US solar market is on track to more than double over the next five years as the landmark Inflation Reduction Act boosts domestic manufacturing.

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Total installed capacity will reach 377 gigawatts at the end of 2028, up from 142 gigawatts at the end of last year, according to a report from the Solar Energy Industries Association and Wood Mackenzie published Thursday.

President Joe Biden's sweeping climate legislation is driving up demand for solar installations and bolstering domestic manufacturing. As much as 60 gigawatts of US production capacity may be in service by 2028, up from less than 9 gigawatts now. Already, at least 16 gigawatts of capacity are currently under construction.

"Thanks in large part to the IRA, we continue to forecast strong near-term growth for the solar industry," the report said. "From 2024 to 2028, we project growth rates to be consistently in the low teens."

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