U.S. Installed 35.3 GW of Solar Power in 2023, Spiking by 52%!, says Bloomberg NEF

Also, In addition to the solar, 7.5 GW of battery storage and 7GW of wind were installed. The nation’s total deployed capacity reached 19.6 GW, a 62% increase in battery capacity deployment over the previous year. According to the EIA, 15.3 GW of additional battery storage capacity will be installed by 2024, representing a 78% increase in the country’s battery fleet. 

Furthermore, While the country’s GDP grew by 2.4%, the overall electricity demand decreased by 2.2% from 2022. When these two data points are combined, the report states that the US GDP to total energy consumption grew by 3.8% per year, indicating a rise in energy productivity.

Moreover, Recovering from the 2022 delay caused by COVID and supply chain restrictions was the major factor contributing to the significant surge in deployment in 2023. Solar modules saw the largest price increase, with a notable spike in polysilicon costs having a major impact on pricing. Module costs have been hovering around record lows for the past several months, but since then, polysilicon prices have fallen precipitously.