A transformative new policy propels the solar industry forward
The U.S. solar market is experiencing a significant shift. With the introduction of the Inflation Reduction Act (IRA), the nation’s commitment to clean energy has taken a monumental leap. The legislation is reshaping the long-term prospects of the solar industry and providing new insights into what the future may hold.
“The Inflation Reduction Act is the most transformational clean energy policy in history,”Solar Energy Industries Association (SEIA)
A year of exponential growth in solar and storage
In the last year, U.S. solar and storage companies have announced over $100 billion in private sector investments, with 51 manufacturing facilities announced or expanded, and $20 billion invested into American communities.
How the IRA boosts the solar market
The IRA is projected to lead to 48% more solar deployment over the next 10 years, generating over $565 billion in new investment. By 2033, the U.S. will have installed 669 GW of total solar capacity.
The creation of solar manufacturing facilities
New facilities, including 85 GW of solar module capacity and 65 GWh of energy storage manufacturing capacity, signify a resurgence in U.S. manufacturing, spurring investment and job growth.
Addressing climate change through the IRA
Solar deployment due to the IRA will offset an additional 665 million metric tons of carbon emissions over the next decade, representing 30% of 2021 U.S. electricity sector emissions by 2033.
Job creation and the future of the U.S. solar industry
The IRA will nearly double industry employment from 263,000 today to 478,000 by 2033, with solar manufacturing jobs swelling to over 100,000.
The IRA & U.S. jobs and carbon emissions
- 669 GW of total solar capacity by 2033
- $565 billion in new investment over the next decade
- Additional 665 million metric tons of carbon emissions offset
- Employment growth to 478,000 by 2033
- 100,000 solar manufacturing jobs by 2033
A future illuminated by the sun
The Inflation Reduction Act is more than just a piece of legislation; it’s a visionary commitment to the future of energy. The growth, investment, and environmental stewardship it fosters create a sustainable path forward. Emphasizing long-term implications, this act not only powers our homes and cities but also empowers the next generation with a cleaner, brighter future.