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. NREL 30

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