A Bright Future: 3 Key Solar Trends in 2023

Innovation, Growth, & Pivotal Policy Updates

2023 has been a solid year for the solar industry, marked by substantial growth and transformative developments. Explore three major solar energy trends that are fueling the sector.

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#1: Solar is Back, and Bigger Than Ever In 2022, the industry faced significant challenges as supply chains were disrupted due to the ongoing COVID-19 pandemic. Despite these setbacks, the Inflation Reduction Act positioned 2023 for dramatic growth by offering new incentives like taxpayer deductions and tax credit monetization.

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The IRA ushered in over 32 gigawatts of new solar capacity in 2023 - a 52% increase from 2022. The solar industry is now anticipated to experience sustained growth in the coming years.

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#2: The Rise and Success of Community Solar Traditionally, solar energy installation favored real estate owners and investors, leaving renters and lower-income households without access to the benefits of solar power. Community solar, however, is reshaping the landscape, offering more Americans an opportunity to adopt and benefit from solar energy.

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Community solar is a model that allows multiple individuals, businesses, or organizations to harness solar power without the need for individual panel installations - ideal for a wider range of customers.

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Currently, 22 states have passed legislation around independent community solar projects. Recent favorable policies in Maryland, New Jersey, and California have spurred growth.

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Projections indicate an annual average increase of 8% with an estimated 14 gigawatts of capacity by 2028. The U.S. Energy Department forecasts community solar powering 5 million households by 2025.

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#3: New Policies Favor Renewable Energy Industry The aging U.S. energy grid is strained by climate-induced events like fires and hurricanes, as well as increased demand from technologies like electric vehicles. To power the future, substantial investments are being made to create a more resilient, smart, and eco-friendly electrical infrastructure.

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In October 2023, the White House announced a $3.5 billion investment in grants dedicated to energy grid projects - the largest-ever direct investment in the grid in the history of the U.S.

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This landmark investment will help fund 58 projects, ushering over 35 gigawatts of renewable energy onto the grid and backing over 400 microgrids, while driving job creation in the solar industry at large.

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Jobs in the solar energy industry have surged by over 167%, with over 255,000 workers in the field. The growth rate of solar jobs is projected to outpace overall job growth in the U.S. by a factor of five.

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Solar Energy Trends in 2023: A Bright Future Between a record growth in solar capacity, favorable policies, and increased interest in solar energy, 2023 bucked the trends of the previous year and confirmed that renewable energy deployment is bigger than ever. All signs point to more positive growth in the coming years ahead.

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A Bright Future: 3 Key Solar Trends in 2023

2023 has been a solid year for the solar industry, marked by substantial growth and transformative developments. Explore three major solar energy trends that are fueling the sector.

Next →

Next →

The IRA ushered in over 32 gigawatts of new solar capacity in 2023 - a 52% increase from 2022. The solar industry is now anticipated to experience sustained growth in the coming years.

Next →

Next →

Community solar is a model that allows multiple individuals, businesses, or organizations to harness solar power without the need for individual panel installations - ideal for a wider range of customers.

Next →

Currently, 22 states have passed legislation around independent community solar projects. Recent favorable policies in Maryland, New Jersey, and California have spurred growth.

Next →

Projections indicate an annual average increase of 8% with an estimated 14 gigawatts of capacity by 2028. The U.S. Energy Department forecasts community solar powering 5 million households by 2025.

Next →

Next →

In October 2023, the White House announced a $3.5 billion investment in grants dedicated to energy grid projects - the largest-ever direct investment in the grid in the history of the U.S.

Next →

This landmark investment will help fund 58 projects, ushering over 35 gigawatts of renewable energy onto the grid and backing over 400 microgrids, while driving job creation in the solar industry at large.

Next →

Jobs in the solar energy industry have surged by over 167%, with over 255,000 workers in the field. The growth rate of solar jobs is projected to outpace overall job growth in the U.S. by a factor of five.

Next →

Next →

MAKE THE SWITCH TO SOLAR WITH CATALYZE →

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