State of the Solar Industry in 2022
By: Kenny Brik
Aug 22nd 2022
In 2022 the US solar industry had a 24% decrease in Q1 compared to 2021, with 3.9 GWdc of capacity installed due to supply chain constraints left by the global pandemic. Even though this is the overview of the industry, the decrease is not the case for the residential solar market. In Q1 of 2022, residential solar had its largest quarter in history. 1.2GWdc were installed, making it a 30% increase over Q1 of 2021, with customer demand in constant growth.
Even with the decrease in Q1 in 2022, the solar industry has had massive growth over the past 10 years. With the solar tax credit in place, and the cost of installation dropping by 60% over the last decade, residential solar is increasing at a rapid pace. Currently California, Florida and Texas are the 3 states with the most installations and are leading the way for the solar residential solar market.
Projections for the future of the solar market are dependent on the supply chain constraints being resolved, and no major trade barriers. In the case this happens, the solar industry should continue to have consistent growth over the next upcoming years, as costs continue to decrease.