Spring 2023 Solar Industry Update
U.S. Generation Capacity Additions by Source:
2010-2022 and Planned 2023-2024
80
60
70
0
60
60
50
U.S. Generation Capacity Additions (GWac)
UN
50
40
30
20
10
0
Avg. (2010-2014)
Avg. (2015-2019)
2020
2021
2022
2023
2024
68%
Other
Nuclear
■Natural Gas (Other)
Natural Gas CT
Natural Gas CC
Batteries
■Wind
DPV
UPV
Began operating
through March 2022
Planned April 2023
and full 2024
•
EIA projects the percentage of U.S. electric capacity
additions from solar will grow from 46% in 2022
(17 GWac) to 58% in 2023 (37 GWac), and 68% (47
GWac) in 2024.
Wind accounts for 12% and batteries 14%, and nuclear
2% of estimated capacity in 2023; in 2024 those
percentages are 9%, 19%, and 2%, respectively.
Natural gas accounts for the remaining 13% in 2023.
Over the next two years, EIA projects there will be
nearly 100 GWac of capacity additions from wind
and solar alone.
Wood Mackenzie/SEIA projects 26-30 GW dc of solar
installations in 2023 and 30-36 GWdc in 2024,
depending both on favorable supply chain
conditions (both domestic and international) as
well as the ability to optimize the Inflation
Reduction Act bonus credits.
-
Over the next five years, Wood Mackenzie/SEIA
projects about 20 GWdc upside or downside relative to
their base case as a result of these factors.
Sources: EIA Form 860M/Preliminary Monthly Electric Generator Inventory ("Planned" and "Operating") and EIA Short-term Energy Outlook Table 7e,
downloaded April 25, 2023; Wood Mackenzie and SEIA US Solar Market Insight Full Report 2022 Year in Review, Mar 2023.
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