U.S. expected to add record 32 GW solar capacity in 2023
- September 13, 2023
- Posted by: Quatro Strategies
- Categories: ESG & Renewable Energy, Sanctions & Regulation, United States
The U.S. solar industry is on track to achieve significant growth in 2023, with an expected record addition of 32 gigawatts (GW) of production capacity. This represents a 53% increase over new capacity added in 2022. The growth is attributed to various factors, including investment incentives provided under the Inflation Reduction Act (IRA).
The report, published by the Solar Energy Industries Association (SEIA), also predicts that total operating solar capacity in the U.S. will grow from the current 153 GW to 375 GW by 2028. This growth is expected as supply chain challenges, which were exacerbated by the COVID-19 pandemic and restrictive trade policies, gradually subside.
One significant driver of growth is increased investment in domestic solar manufacturing. If all the plans for new solar module factories materialize, the report suggests that U.S. solar module production could increase tenfold by 2026.
The Inflation Reduction Act, passed in 2022 by the Biden administration, plays a pivotal role in incentivizing the solar industry’s expansion. The IRA allocates approximately $370 billion toward climate change and clean energy initiatives, including incentives aimed at promoting solar and wind power.
The report highlights the positive impact of the IRA on the solar industry, with an increase in announcements for domestic module manufacturing and a wave of optimism within the industry. However, the report also emphasizes the importance of effectively implementing these plans to ensure a stable supply of solar modules.
In February, the Energy Information Administration (EIA) reported that U.S. developers have plans to add 54.5 GW of new electric generating capacity in 2023, with more than 50% of it driven by solar energy sources.
The utility-scale and residential solar markets have been leading the way in new capacity additions, with particular growth in residential solar installations, driven by changes in net metering rules in California.
Florida continues to be a prominent state for solar energy, ranking at the top in the first half of 2023 by installing 2.5 GW of new capacity.
Overall, the U.S. solar industry is experiencing significant expansion, driven by policy incentives, increasing investment in domestic manufacturing, and a growing demand for clean energy sources.
Interested in learning more?
Sign up for Top Insights Today
Top Insights Today delivers the latest insights straight to your inbox.
You will get daily industry insights on
Oil & Gas, Rare Earths & Commodities, Mining & Metals, EVs & Battery Technology, ESG & Renewable Energy, AI & Semiconductors, Aerospace & Defense, Sanctions & Regulation, Business & Politics.
Read more insights
Norway doubles down on long-life oil and gas supply for Europe
Norway is doubling down on the long life of its petroleum sector, even as much of Europe talks about energy transition and fossil-fuel phaseout. The government has opened 70 new exploration blocks in its annual predefined-area licensing round, including 38 in the Barents Sea, 10 in the Norwegian Sea, and 22 in the North Sea, with applications due by September 1 and final awards expected in early 2027.
At the same time, Oslo approved ConocoPhillips and its partners to redevelop the Albuskjell, Vest Ekofisk, and Tommeliten Gamma fields, which still contain an estimated 90 million to 120 million barrels of oil equivalent in gas and condensate. Production from those assets is expected to start in 2028 and continue until 2048, with investment of about 19 billion Norwegian crowns.
Oversupply crushes nickel prices, but investors bet on rebound
Nickel, once the source of near-chaos on the London Metal Exchange (LME) in 2022, has since collapsed into a prolonged slump, weighed down by a flood of Indonesian supply. Prices have hovered around $15,000 per metric ton for much of 2025, five-year lows that reflect massive oversupply rather than weak demand alone.
Inventories on the LME, including both registered and off-warrant stocks, have climbed to more than 308,000 tons, the highest since off-warrant reporting began in 2020. At first glance, the story is one of unrelenting surplus. Yet paradoxically, investment funds are building large long positions, betting that nickel has reached a cost floor and will eventually recover.
Bangladesh’s Summit Group to supply 1.5 mmt of LNG annually to Petrobangla
Bangladesh’s Summit Group has entered into a preliminary agreement to supply 1.5 million metric tons of liquefied natural gas (LNG) annually to state-run Petrobangla for a 15-year period starting from October 2026, according to the company’s chairman, Aziz Khan. The deal, which is expected…