From 2013 to 2023, the solar energy capacity in the US showed consistent growth, starting from 12.33 thousand Megawatts (MW) and reaching 130.5 thousand MW in 2023. The year-on-year variation indicates strong growth initially, peaking at 46.94% in 2014, before experiencing a gradual decline to 15.47% in 2023. Over the last two years, 2021 and 2022, the year-on-year variations were 24.79% and 18.48% respectively, showing a clear deceleration in growth. The Compound Annual Growth Rate (CAGR) over the last five years has been 20.21%, reflecting a robust but slowing growth trajectory.
From 2024 onwards, forecasted data suggests a moderated growth rate, with the 5-year CAGR expected to be 7.81%, and a total forecasted growth rate of 45.67% from 2024 to 2028. By 2028, the capacity is projected to reach 215.31 thousand MW.
Future trends to watch for include:
- The impact of government policies and incentives on solar energy installation rates.
- Advances in solar technology and reductions in installation costs.
- Integration of solar energy with energy storage solutions to address intermittency issues.
- Shifts in energy market dynamics, such as changes in fossil fuel prices or electricity demand patterns.
