SolarPV in the United States of America – the world’s second largest solar PV market in terms of installed capacity – has grown by leaps and bounds in the past few years. The country’s solar PV capacity reached 73.81 GW (AC) at the end of 2020, up from 21.68 GW (AC) in 2015 with a CAGR of 27.8 %.
While Net-metering and Investment Tax Credits (ITC) have helped spur the growth of small-scale solar, Renewable Portfolio Standards (RPS) and Renewable Energy Goals have played an important role for the growth of utility-scale solar. The U.S. Department of Energy (DOE) has set a goal of driving down the cost of utility-scale solar from currently 0.046 USD/kWh to 0.03 USD/kWh by 2025 and 0.02 USD/kWh by 2030.
With the ‘American Jobs Plan’, President Biden’s administration has spelled out its target to reach 100 % carbon pollution-free electricity by 2035, which will further support the solar PV capacity expansion in the United States in the coming years. EUPD research estimates a cumulated installed solar PV capacity of 161 GW (AC) by the end of 2025. (Source: EUPD Research)