WASHINGTON, D.C. — The Solar Energy Industries Association (SEIA) has revealed that since the passage of the Inflation Reduction Act (IRA) a year ago, investments exceeding $100 billion have been announced by U.S. solar and storage companies.
This significant private sector investment is strengthening the American economy.
U.S. solar and storage manufacturing is experiencing a remarkable growth, with 51 new or expanded solar manufacturing facilities announced in the past year.
SEIA’s president and CEO, Abigail Ross Hopper, said, “The extraordinary increase in demand for American-produced clean energy indicates that the clean energy incentives introduced by Congress last year are taking effect. This legislation demonstrates how effective federal policy can foster innovation and private investment in communities that need it the most. We are unlocking vast clean energy potential, creating jobs, and providing affordable, dependable power to all homes and businesses across the nation.”
Investments of nearly $20 billion will be made in American communities by these new and expanded solar factories, resulting in 155 gigawatts (GW) of fresh production capacity within the solar supply chain. Specific announcements include:
– 85 GW of solar module capacity
– 43 GW of solar cells
– 20 GW of silicon ingots and wafers
– 7 GW of inverter capacity
By 2026, the announced manufacturing capacity across modules, cells, wafers, ingots, and inverters will increase the U.S. capacity more than 17-fold, sufficiently supplying most expected domestic solar projects.
Over the upcoming decade, the U.S. solar and storage sector is poised to generate 137,000 additional jobs compared to what would have occurred without the IRA. Projections suggest a total industry workforce nearing 500,000 jobs by 2033.
More than 20,000 Americans will find employment in solar manufacturing facilities announced over the last year. With a potential tripling in size, the nation’s solar manufacturing workforce is expected to exceed 100,000 jobs in the next ten years.
Additionally, 65 GWh of energy storage manufacturing capacity has been announced across 14 new or expanded facilities. Since the IRA’s implementation, over 3 GW of new large-scale energy storage projects have been deployed, and an estimated 100,000 residential customers have installed solar systems paired with battery storage.
By 2033, U.S. solar capacity is expected to reach 668 GW, sufficient to power every home to the east of the Mississippi River and reduce 459 million metric tons of CO2 each year. These reductions account for roughly one-third of all power sector emissions in 2021.
Over the next decade, private sector investments stemming from the solar industry are projected to generate $565 billion.