WoodMac – US Solar Market Insight, 2023

The US solar market experienced significant growth in 2023, installing a record-breaking 32.4 GWdc of capacity, a 51% increase from the previous year. Solar accounted for over half of all new electricity-generating capacity added to the grid for the first time, with the utility-scale segment leading the way with 22.5 GWdc installed. Texas surpassed California in annual solar installations, driven by utility-scale projects. The residential segment set another record at 6.8 GWdc, while the commercial and community solar segments also saw growth. The Year in Review report includes 10-year outlooks for each segment, with the total US solar fleet expected to quadruple by 2034. Alternative scenarios (Bull case and Bear case) consider various factors that could impact future growth, such as supply chain constraints, policy outcomes, and financing conditions. The Bull case predicts additional 85 GWdc installed through 2034, while the Bear case could reduce the outlook by nearly 120 GWdc. The full report provides more details and data on the US solar market outlook.