Big US Solar Market Opens With 49GW Per Year Ahead
Aug 22, 2022
US solar companies have welcomed the country's landmark Inflation Reduction Act (IRA), which was signed into law by President Biden. This is a once-in-a-lifetime piece of legislation that sets the stage for accelerated photovoltaic development and a significant boost to domestic manufacturing.
The bill is described as the largest climate package in US history, earmarking $369 billion to reduce carbon emissions. The bill includes expanded tax credits for large ground-mounted photovoltaic plants, as well as manufacturing credits for a range of photovoltaic components.
At the signing ceremony, Biden said the bill "is the biggest step ever taken on climate" and that "it will allow us to take bold additional steps to meet all of our climate goals."
The bill would set the stage for record-breaking growth in solar energy development in the United States. According to a Princeton University study, the IRA may bring in 49GW of solar energy per year through 2025, about five times the capacity added in 2020.
