The most striking conclusion of the report is that the US now has the potential to go into overdrive on solar, and get close to a 500 GW solar target by 2030 – held back only by the lack of a majority in the Senate.
450 GW installed solar capacity by 2030 in the U.S.
But even a muted response by the Republican Senators would still likely see the US jump from predictions of a solar capacity of 235 GW, to one above 450 GW, by 2030.
80 GW new PV installations annually in China by 2030
China as well will accelerate its solar installs on the back of promises yet to be enshrined in its 14th 5 year plan, but promised in a plan to reach zero emissions by 2060, likely to take annual solar increases in capacity from the 38.5 GW anticipated for 2020, to above 80 GW per annum by 2030. US growth will not far behind, likely to reach an annual solar install rate of 66 GW by 2030.
Rethink Energy
Increased U.S. share of the global solar module market
The US will jump from 11% of the global solar module market to 19% when measured in cumulative installed solar. Any change to the tariffs on solar panels from President elect Joe Biden will either bring a rush of cheaper solar panels into the US, stimulating demand, or if he retains the tariffs in some form, it will power up US solar suppliers with a much larger market.
Refresh of the ITC – also for solar plus storage?
Critical to this success will be how Biden negotiates a refresh to the ITC solar tax credits, and whether or not he can swing a similar concession for solar plus storage. Biden should be able to create US jobs in renewables and EV charge points, sufficient to soak up all the unemployed from the pandemic as long as key pieces of legislation are passed.
Did you miss that? USA: Corporate solar investments swell to 8300 MW
China will separately add some 643 GW of solar in the next ten years, to end 2030 on 886 GW, from 243 GW it is expected to reach at the end of 2020.
105 GW new PV installations in 2020 globally
This new Rethink report sees solar additions globally rise by 105 GW during 2020, barely touched by the pandemic, with annual installs then going up by around 10 GW each year until global installs in 2030 are over 255 GW. (hcn)
Did you miss that? Decarbonization of the oil industry, sunny prospects for the energy transition?
