United States (US) Solar Photovoltaic (PV) Market Analysis by Size, Installed Capacity, Power Generation, Regulations, Key Players and Forecast to 2035

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Published: December 30, 2024 Report Code: GDAE7591IDB-ST

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US Solar Photovoltaic (PV) Market Report Overview

In 2023, the cumulative installed capacity for solar photovoltaic (PV) in US was 181.6GW and will grow at a CAGR of more than 13% during 2023-2035. Rising levels of pollution, fear of global warming, scarcity of fossil fuels, and increasing levels of Greenhouse Gas (GHG) emissions have led many countries to opt for clean renewable energy sources.

US Solar Photovoltaic (PV) Market Outlook 2023-2035
US Solar Photovoltaic (PV) Market Outlook 2023-2035
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The US solar photovoltaic (PV) market research report discusses the renewable power market in the country and predicts future outcomes until 2035. The report also gives detailed coverage of the renewable energy policy framework governing the US solar photovoltaic (PV) market.

Cumulative Installed Capacity (2023) 181.6GW
CAGR (2023-2035) >13%
Historical Period 2010-2022
Forecast Period 2023-2035
Regulations ·       Tax Cuts and New Jobs Act (TCJA)

·       Inflation Reduction Act (IRA)
Leading Companies ·       WEC Energy Group Inc

·       The AES Corp

·       Santee Cooper

·       PPL Corp

·       NRG Energy Inc
Key Active Plants (Onshore) ·       Topaz Solar Farm

·       Danish Fields Solar PV Park

·       Daggett Solar PV Park

·       Hecate Energy Roseland Solar PV Park

·       Aktina Solar PV Park
Key Deal Type ·       Asset Transaction

·       Debt Offerings

·       Venture Financing

·       Private Equity

·       Acquisition
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US Renewable Energy Policy Framework

  • In December 2017, the US government passed a tax bill reducing corporate tax rates that impacted several industries. The government’s potential to alter the federal ITC and permit accelerated depreciation on solar and certain other renewable energy projects initially raised concerns about the renewable energy sector. There were no significant changes to the federal incentives for solar and wind after the House and Senate tax bills were reconciled. The Production Tax Credit (PTC) program was phased out by the end of 2021, and new plants that began construction on January 1, 2022, are no longer eligible for the program, but all other incentives remained in place. With a few exceptions, the TCJA is in effect until 2025.
  • In August 2022, the US government enacted ‘The Inflation Reduction Act of 2022’ (IRA). It is a follow-up attempt after the ‘Build Back Better Act’ failed to achieve legislative support. Several of the renewable energy provisions in the IRA are similar yet more enhanced than the Build Back Better Act. The IRA allocated $369 billion for clean energy infrastructure in an aim to reduce U.S. carbon emissions by 40% by 2030.

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US Solar Photovoltaic (PV) Market – Competitive Landscape

WEC Energy Group Inc, the AES Corp, Santee Cooper, PPL Corp and NRG Energy Inc are a few of the market players in the solar photovoltaic (PV) market in US.

 WEC Energy Group Inc– Headquartered in Milwaukee, Wisconsin, the US, WEC Energy Group Inc is an an energy holding company. It generates and distributes electricity and thermal energy and delivers natural gas. The company produces electric power using various sources like coal, natural gas, oil, hydro, solar, wind and biomass. WEC owns, maintains, monitors, and operates electric transmission systems; owns generating facilities and leases those to its group entities; provides natural gas storage and hub services for its sister companies; and owns underground natural gas storage facilities.

US Solar Photovoltaic (PV) Market Analysis by Companies

US Solar Photovoltaic (PV) Market Analysis by Companies

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US Solar Photovoltaic (PV) Market - Major Active Plants

Topaz Solar Farm led the US solar photovoltaic (PV) market under onshore sources in terms of total capacity contribution in 2023.

US Solar Photovoltaic (PV) Market, by Active Plants, 2023 (%)

US Solar Photovoltaic (PV) Market, by Active Plants, 2023 (%)

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US Solar Photovoltaic (PV) Market Segmentation by Deal Types

In 2023, the solar photovoltaic (PV) market in the US recorded most of the deals in asset transactions followed by debt offerings.

US Solar Photovoltaic (PV) Market Analysis, by Deal Types, 2023 (%)

US Solar Photovoltaic (PV) Market Analysis, by Deal Types, 2023 (%)

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Segments Covered in the Report

US Solar Photovoltaic (PV) Market Deal Type Outlook (2022-2035)

  • Asset Transaction
  • Debt Offerings
  • Venture Financing
  • Private Equity
  • Acquisition

Scope

The report analyses the US’s solar photovoltaic (PV) market. The scope of the research includes:

  • A brief introduction on global carbon emissions and global primary energy consumption.

  • An overview of the country’s renewable power market, highlighting installed capacity trends (2015-2035), generation trends (2015-2035), and installed capacity split by various renewable power sources.

  • Detailed overview of the country’s solar PV market with installed capacity and generation trends, and major active and upcoming solar PV projects.

  • Deal analysis of the country’s solar PV market.

  • Key policies and regulatory framework supporting the development of solar PV.

  • Snapshots of some of the major market participants in the country.

Reasons to Buy

  • The report will enhance your decision-making capability in a more rapid and time-sensitive manner.

  • Identify key growth and investment opportunities in the country’s solar PV market.

  • Facilitate decision-making based on strong historical and forecast data for the solar PV market.

  • Position yourself to gain the maximum advantage of the industry’s growth potential.

  • Develop strategies based on the latest regulatory events.

  • Identify key partners and business development avenues.

  • Understand and respond to your competitors’ business structure, strategy, and prospects.

Table of Contents

Table of Contents

List of Tables

List of Figures

1. Introduction

1.1 Carbon Dioxide Emissions, Global, 2015–2023

1.2 Primary Energy Consumption, Global, 2015–2023

1.3 Report Guidance

2. Renewable Power Market, US

2.1 Renewable Power Market, US, Installed Capacity, 2015-2035

– Renewable Power Market, US, Cumulative Installed Capacity by Source, 2015-2035

– Renewable Power Market, US, Cumulative Installed Capacity Share by Source, 2023 and 2035

– Renewable Power Market, US, Net Capacity Additions by Source, 2024-2035

– Renewable Power Market, US, Capacity Growth by Source, 2023-2035

2.2 Renewable Power Market, US, Power Generation, 2015-2035

– Renewable Power Market, US, Power Generation by Source, 2015-2035

– Renewable Power Market, US, Growth in Power Generation by Source, 2023-2035

3. Solar PV Market, US

3.1 Solar PV Market, US, Installed Capacity, 2015-2035

3.2 Solar PV Market, US, Power Generation, 2015-2035

3.3 Solar PV Market, US, Market Size, 2015-2030

3.4 Solar PV Market, US, Power Plants

– Solar PV Market, US, Major Active Plants

– Solar PV Market, US, Snapshot of Upcoming Plants

– Solar PV Market, US, Key Under-construction Projects.

3.5 Solar PV Market, US, Deal Analysis, 2023

– Solar PV Market, US, Deal Volume vs. Deal Value, 2015–2023

– Solar PV Market, US, Split by Deal Type, 2023

3.6 Solar PV Module Market, US, 2015-2028

– Solar PV Module Market, US, Crystalline Modules, Market Size, 2015-2028

– Solar PV Module Market, US, Thin-film Modules, Market size, 2015-2028

4. Renewable Energy Market, US, Overview

4.1 Federal Initiatives, US

– Brief of the upcoming 2025 Budget

– Climate Goals in Federal Fiscal Year 2024 Budget

– Tax Cuts and New Jobs Act (TCJA)

– Inflation Reduction Act (IRA)

– Production Tax Credits

– Investment Tax Credits

– Solar Manufacturing for America Act (SEMA)

– Residential Renewable Energy Tax Credit

– Renewable Energy Target

– Rural Energy for America Program: Grants

– Empowering Rural America Program (New ERA)

– Tribal Energy Program Grant

– US Department of Energy – Loan Guarantee Program

– Green Power Purchasing Goal

– Federal Initiatives for Solar Power

SunShot Initiative, 2030

Solar Funding

– Federal Initiatives for Wind Power

– Federal Initiatives for Biopower and Biofuels

Energy Policy Act – Alternative Fuels

Biorefinery Assistance Program

– DOE Funding for Renewables and Geothermal Energy

– Hydrogen Energy – DOE Hydrogen Program

4.2 Common State-Level Incentives

– Overview

– Renewable Portfolio Standards

– Renewable Energy Certificates

– Public Benefit Funds for Renewable Energy

– Interconnection Standards

– Standard Interconnection Agreements for Wind Power Plants

– Net Metering

– Property Assessed Clean Energy (PACE)

5. Solar PV Power Market, US, Company Profiles

5.1 WEC Energy Group Inc

– WEC Energy Group Inc – Company Overview

– WEC Energy Group Inc – Business Description

– WEC Energy Group Inc – SWOT Analysis

– WEC Energy Group Inc – Major Products and Services

– WEC Energy Group Inc – Head Office

5.2 The AES Corp

– The AES Corp – Company Overview

– The AES Corp – Business Description

– The AES Corp – SWOT Analysis

– The AES Corp – Major Products and Services

– The AES Corp – Head Office

5.3 Santee Cooper

– Santee Cooper – Company Overview

– Santee Cooper – Business Description

– Santee Cooper – SWOT Analysis

– Santee Cooper – Major Products and Services

– Santee Cooper – Head Office

5.4 PPL Corp

– PPL Corp – Company Overview

– PPL Corp – Business Description

– PPL Corp – SWOT Analysis

– PPL Corp – Major Products and Services

– PPL Corp – Head Office

5.5 NRG Energy Inc

– NRG Energy Inc – Company Overview

– NRG Energy Inc – Business Description

– NRG Energy Inc – SWOT Analysis

– NRG Energy Inc – Major Products and Services

– NRG Energy Inc – Head Office

6. Appendix

6.1 Abbreviations

6.2 Methodology

– Coverage

– Secondary Research

– Primary Research

– Modelling and Forecasting

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Table

List of Tables

Table 1: Carbon Dioxide Emissions from Energy Consumption, Global, 2015–2023

Table 2: Primary Energy Consumption, Global, 2015–2023

Table 3: Renewable Power Market, US, Cumulative Installed Capacity by Source (GW), 2015-2035

Table 4: Renewable Power Market, US, Cumulative Installed Capacity Share by Source (%), 2023 and 2035

Table 5: Renewable Power Market, US, Net Capacity Additions by Source (GW), 2024-2035

Table 6: Renewable Power Market, US, Capacity Growth by Source, 2023-2035

Table 7: Renewable Power Market, US, Power Generation by Source (TWh), 2015-2035

Table 8: Renewable Power Market, US, Growth in Power Generation by Source, 2023-2035

Table 9: Solar PV Market, US, Installed Capacity (GW), 2015-2035

Table 10: Solar PV Market, US, Power Generation (TWh), 2015-2035

Table 11: Solar PV Market, US, Market Size ($M), 2015-2030

Table 12: Solar PV Market, US, Major Active Plants – Onshore

Table 13: Solar PV Market, US, Snapshot of Upcoming Plants

Table 14: Solar PV Market, US, Key Under-construction Projects

Table 15: Solar PV Market, US, Deal Volume vs. Deal Value ($M), 2015–2023

Table 16: Solar PV Market, US, Deals by Type, 2023

Table 17: Solar PV Module Market, US, Crystalline Modules, Market Size ($M), 2015-2028

Table 18: Solar PV Module Market, US, Thin-film Modules, Market Size ($M), 2015-2028

Table 19: Renewable Energy Project Tax Components and changes with new tax code, US

Table 20: Renewable Energy Market, US, Investment Tax Credit

Table 21: Renewable Energy Market, US, Green Power Purchasing Goal (%), 2018–2025

Table 22: Renewable Energy Market, US, Sun shot Progress and Goals

Table 23: Renewable Energy Market, US, Renewable Portfolio Standards, State Targets

Table 24: WEC Energy Group Inc, Major Products and Services

Table 25: The AES Corp, Major Products and Services

Table 26: Santee Cooper, Major Products and Services

Table 27: PPL Corp, Major Products and Services

Table 28: NRG Energy Inc, Major Products and Services

Table 29: Abbreviations

Figures

List of Figures

Figure 1: Carbon Dioxide Emissions from Energy Consumption, Global, 2015–2023

Figure 2: Primary Energy Consumption, Global, 2015–2023

Figure 3: Renewable Power Market, US, Cumulative Installed Capacity by Source (GW), 2015-2035

Figure 4: Renewable Power Market, US, Cumulative Installed Capacity Share by Source (%), 2023 and 2035

Figure 5: Renewable Power Market, US, Net Capacity Additions by Source (GW), 2024-2035

Figure 6: Renewable Power Market, US, Capacity Growth by Source, 2023-2035

Figure 7: Renewable Power Market, US, Power Generation by Source (TWh), 2015-2035

Figure 8: Renewable Power Market, US, Growth in Power Generation by Source, 2023-2035

Figure 9: Solar PV Market, US, Installed Capacity (GW), 2015-2035

Figure 10: Solar PV Market, US, Power Generation (TWh), 2015-2035

Figure 11: Solar PV Market, US, Market Size ($M), 2015-2030

Figure 12: Solar PV Market, US, Snapshot of Upcoming Plants

Figure 13: Solar PV Market, US, Deal Volume vs. Deal Value ($M), 2015–2023

Figure 14: Solar PV Market, US, Split by Deal Type (%), 2023

Figure 15: Solar PV Module Market, US, Crystalline Modules, Market Size ($M), 2015-2028

Figure 16: Solar PV Module Market, US, Thin-film Modules, Market Size ($M), 2015-2028

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