Key Market Indicators
The American solar capacity is projected to soar to 215,000 megawatts by 2028, up from approximately 130,000 megawatts in 2023. This growth represents an annual compound growth rate (CAGR) of 7.8%. Notably, since 2001, the U.S. solar supply has expanded at an impressive annual rate of 20.2%. Meanwhile, American solar energy consumption is expected to reach 4.1 exajoules by 2028, a significant increase from 2.3 exajoules in 2023. This surge reflects an annual CAGR of 9.1%. Since 1994, the demand for solar energy in the U.S. has risen at a robust annual rate of 20.7%. These projections underscore the rapid expansion and increasing significance of solar energy in the United States, highlighting the nation's ongoing shift toward renewable energy sources.
