President Joe Biden’s sweeping climate legislation is driving up demand for solar installations and bolstering domestic manufacturing. As much as 60 gigawatts of US production capacity may be in service by 2028, up from less than 9 gigawatts now. Already, at least 16 gigawatts of capacity are currently under construction.
“Thanks in large part to the IRA, we continue to forecast strong near-term growth for the solar industry,” the report said. “From 2024 to 2028, we project growth rates to be consistently in the low teens.”