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U.S. PV and Energy Storage new installations hit record high in 2023 while onshore new installations slow down

published: 2024-03-19 15:20

Recently, the American Clean Energy Association (ACP) released the 2023 Clean Energy Annual Market Report.According to the report, in 2023, the U.S. clean energy new installed capacity reached an all-time record of 33.84GW, an increase of 7.9GW over 2022, and an increase of 3.8GW over the record set in 2021, up 13%. Among them, new installations of PV and energy storage both hit record highs, adding 19.6GW and 7.9GW respectively, accounting for 58% and 23% of new installations respectively. The upstream supply exceeds demand and the module cost decline promoted the increase of installed capacity in 2023. Lower prices of key raw materials such as nickel, cobalt and lithium contributed to the installation of energy storage. However, the new installation of onshore wind power slowed in 2023, with only 6.4GW added and a decrease of 2.4GW from 2022. It's the least amount of wind power installed in the U.S. in nearly a decade. The main reasons for this were the long approval process, the barriers to site selection and the difficult environment for building new transmission facilities. In 2023, there were new breakthroughs for offshore wind in the U.S. Offshore wind agreements for three projects with more than 4GW of capacity were signed in New York State. The Gulf of Mexico initiated its first offshore wind leases. By the end of 2023, total installed capacity of clean energy in the US was 262GW, with wind and solar accounting for 16% of all US electricity.

Chart: U. S. Clean Energy Installations (MW)

Source: ACP,HUAXI SECURITIES CO.,LTD

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