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Industry analysts are optimistic the US solar market will rebound in 2023 despite lingering supply chain and policy issues, with the robust residential segment leading the way.
The Inflation Reduction Act (IRA) will incentivize growth as supply chain challenges lessen, setting the stage for a reversal from the anemic performance by the commercial, utility-scale and community solar segments in 2022.
Those are the predictions from Gustavo Gomes Monteiro and Michelle Davis, who share their insights on the state of the global and domestic distributed generation markets and forecast what we can expect throughout 2023 in today's Tactical Tuesday podcast.
Gustavo is the CEO of EDP Renewables North America Distributed Generation (EDPR NA DG), a part of EDP Renewables, the world's fourth-largest renewable energy producer. His unit focuses on Fortune 100 commercial and industrial (C&I) customers, community solar and the municipal, university, school, and hospital (MUSH) sectors, providing a full suite of services, including design, financing, construction, and operation and maintenance.
With in-depth market knowledge, technical and transactional experience, and a global perspective, he explains everything from how multinational corporations integrate renewables, including solar and storage, to critical trends in distributed generation.
"The energy industry at the moment," Gustavo said, "is engaged in an immense transformation towards a better future."
Michelle is a principal analyst for US Distributed Solar at Wood Mackenzie Power & Renewables. As lead author of Wood Mackenzie's quarterly US Solar Market Insights Report, she brings an insider's understanding of the challenges and opportunities. She unpacks what the US market can expect in coming quarters and highlights significant issues.
The most critical growth factor is the pipeline of projects delayed in 2022. "2023 should be a recovery year," she explained, noting that long-awaited equipment deliveries will enable the completion of many projects, especially in the commercial segment.
Commercial solar encompasses distributed solar projects with commercial, industrial, agricultural, school, government or nonprofit offtakers, including remotely net-metered projects.
Wood Mackenzie forecasts a 21% average annual growth across all solar segments through 2027, with the full impacts of the IRA coming to fruition next year. It attributes the five years of growth to favorable conditions from the IRA and state policy initiatives in community solar markets.
Gustavo said EDPR NA DG is strategically navigating market uncertainties to guide its clients through the energy transition while creating jobs and advancing excellence in environmental stewardship. "We're empowering our communities to use greener and more sustainable energy for the future," he said. “EDPR is changing tomorrow now.”
There's much more practical information and actionable advice in today's Tactical Tuesday. Join us today to learn more about where the US solar market stands now — and where it might end up tomorrow.
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ABOUT THE HOST OF SUNCAST:
Nico Johnson is the creator and host of SunCast, consistently rated a top solar podcast in the clean energy sector. The content of the show is geared towards listeners looking for insights on where the markets are headed, how to position themselves or their companies, and what today's market leaders do to stay ahead of the pack.
Nico is an Investor, Executive Coach, and 16-year veteran of the solar industry, having led development in the US and Latin America for global companies like Trina Solar and Conergy.
You can connect with Nico Johnson on Twitter, LinkedIn or email.
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