Despite Difficulties, 5.4 New Gigawatts Were Installed in the Third Quarter of 2020
With a 33% increase in new installations, the US total generating capability approached 1,200 gigawatts. Residential solar installations contributed significantly to this result with more than 130,000 new systems.
Thanks to growth in the third quarter, residential users now generate more than one gigawatt of solar energy. The average home solar installation is about 5 kilowatts.
Build Back Better Act Could Fuel Growth in the Following Years
Among other things, President Biden’s Build Back Better Act includes expansion of existing home energy tax credits and rebates that would cut the cost of installing solar panels by 30%.
If it gets signed into law, it could fuel the sector to grow more than expected and enable an additional 43.5 gigawatts of solar capacity to be installed in the next four years.
According to Wood Mackenzie and available renewable energy statistics, this would bring the aggregate solar capacity in the US to more than 300 gigawatts, three times more than the current level.