Solar Industry Update

70 10 60 U.S. Generation Capacity Additions (GW₂c) 50 U.S. Generation Capacity Additions by 40 40 30 20 20 10 10 Source: 2010-2022 and Planned 2023-2024 Avg. (2010-2014) Avg. (2015-2019) 2020 2021 2022 2023 2024 Other Nuclear ■Natural Gas (Other) Natural Gas CT Natural Gas CC Batteries Wind DPV 62% UPV Began operating through July 2023 Planned August 2023 and full 2024 • EIA projects the percentage of U.S. electric capacity additions from solar will grow from 45% in 2022 (17 GWac) to 56% in 2023 (31 GWac), and 62% (41 GWac) in 2024. - Wind accounts for 14%, batteries 15%, and nuclear 2% of projected capacity in 2023; in 2024 those percentages are 9%, 19%, and 2%, respectively. Natural gas accounts for the remaining 14% in 2023. Over the next 2 years, EIA projects there will be nearly 90 GW ac of capacity additions from wind and solar alone. Wood Mackenzie/SEIA projects 32 GWdc of solar installations in 2023 and 35 GWdc in 2024, depending both on favorable supply chain conditions (domestic and international) and on the ability to optimize the Inflation Reduction Act bonus credits. Over the next 5 years, Wood Mackenzie/SEIA projects about 20 GW dc 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 October 6, 2023; Wood Mackenzie and SEIA US Solar Market Insight Full Report 2Q 2023, Sep 2023. NREL 14

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