Winter 2024

Solar Industry Update

David Feldman
Jarett Zuboy
Krysta Dummit, Lindahl Reed Contractor for SETO
Dana Stright
Matthew Heine
Heather Mirletz
Robert Margolis

January 25, 2024

 Agenda

1 Global Solar Deployment

2 U.S. PV Deployment
3 PV System Pricing
4 Global Manufacturing
5 Component Pricing
6 U.S. PV Imports
7 PV Waste and Toxicity
NREL | 2
 Executive Summary
Global Solar Deployment • Global polysilicon spot prices fell 18% from mid-October ($10.53/kg) to mid-January
• Analysts estimate 350 GWdc of PV was installed globally in 2023 (though recent data ($8.70/kg), approaching their lowest levels of the past several years.
have indicated that number could be more like 440 GWdc); global installations are • Global module prices reached yet another record low, falling 22% between mid-October
expected to increase to 400 GWdc in 2024 and 590 GWdc by 2027. 2023 estimates may and mid-January to $0.11/Wdc.
increase as it was recently reported that China installed ~260 GWdc of PV panels in 2023.
• In Q3 2023, the average U.S. module price ($0.33/Wdc) was down 11% q/q and down
U.S. PV Deployment 23% y/y but at a 100% premium over the global spot price for monofacial
• Though California residential installations were up through the first nine months of monocrystalline silicon modules.
2023, likely caused by a spike in interconnection applications in the lead up to April 15
change from CA NEM 2.0 to 3.0, interconnection applications have since plummeted
Global Manufacturing
well below historical levels. • BNEF reports that at the end of 2023, global PV manufacturing capacity was between
650 and 750 GW―a growth of 2–3x in the past five years, 90% of which occurred in
• According to EIA data, the United States installed 15.8 GWac of PV in the first 9 months of
2023—a record—up 31% y/y (SEIA reported 19.3 GWdc). China. In 2023, global PV production was between 400 and 500 GW.
• EIA projects the percentage of U.S. electric capacity additions from solar will grow from • Despite global price drops across the PV supply chain, PV manufacturers have generally
46% in 2022 (18 GWac) to 54% in 2023 (31 GWac), 63% in 2024 (44 GWac), and 71% in remained profitable, thanks to increases in sales volumes (particularly for N-type cells).
2025 (51 GWac). U.S. PV Imports
• Other analysts’ projections are lower, with a median value of 33 GWdc in 2023, growing
• The United States imported 40.6 GWdc of PV modules in Q1–Q3 2023, setting a new
to 36 GWdc in 2024 and 40 GWdc in 2025.
single-quarter record of over 15 GWdc of modules imported.
• The United States installed approximately 15.1 GWh (4.8 GWac) of energy storage onto
the electric grid in the first 9 months of 2023, +40% (+32%) y/y, as a result of growth in • Most panels imported were exempt from Section 201 duties and were therefore likely
all sectors. bifacial. A significant number of thin-film modules were also imported.
• 2.4 GWdc of cells were imported in Q1–Q3 2023, up 31% y/y.
PV System and Component Pricing
• The U.S. is not on pace to reach the 5-GWdc quota exemption limit for Section 201 tariffs,
• U.S. PV system and PPA prices have been flat or increased over the past 2 years.
although it has exceeded 3 GWdc of imports in a single year for the first time ever.

NREL | 3
A list of acronyms and abbreviations is available at the end of the presentation.
 Agenda
• Analysts estimate 350 GWdc of PV was installed globally in
1 Global Solar Deployment 2023 (though recent data have indicated that number
could be more like 440 GWdc); global installations are
2 U.S. PV Deployment expected to increase to 400 GWdc in 2024 and 590 GWdc by
2027.
3 PV System Pricing – 2023 estimates may increase as it was recently
reported that China installed ~260 GWdc of PV panels in
4 Global Manufacturing 2023.
– JMK Research reported that 10 GWac (12.5 GWdc) of PV
5 Component Pricing was installed in India in 2023―down 28% y/y. Mercom
reported that Indian installations were being delayed
6 U.S. PV Imports due to transmission connectivity and long-term access.

7 PV Waste and Toxicity

NREL | 4
 • Analysts estimate about 350 GWdc of PV were installed
globally in 2023, up 50% from 2022.
Annual Global PV Deployment – These estimates were made before China announced
2023 PV installs, which could push 2023 global installs to
~440 GWdc.
700 • Analysts project continued increases in annual global PV
installations:
600 – 390 GWdc in 2024 (+12% y/y)
– 450 GWdc in 2025 (+14% y/y)
PV Annual Installations (GWdc)

500 – 510 GWdc in 2026 (+14% y/y)

– 560 GWdc in 2027 (+9% y/y)
400 • Among analysts who were covered in the Spring 2023 edition
of the Solar Industry Update, global projections increased in
this edition, e.g., by 2%–31% for 2025 projections.
300
• The range of projections skews high in the next couple years
but very low toward the end of the projection period.
200
– One analyst predicts flattening of global deployment
growth, resulting in a projection 220 GWdc (40%) below
100 the median in 2027.
• Over the period shown, China is projected to install the most
0 PV (39%), followed by Europe (12%), the United States (9%),
2021 2022 2023E 2024P 2025P 2026P 2027P and India (6%).
European Union Europe (All) U.S. India Rest of World China
Notes: E = estimate; P = projection. Bar totals represent median global projections across analysts who provide a global projection. Error bars represent high and low global
projections. Regional bar segments represent medians of all available regional projections. Where regional medians do not sum to global medians, the differences are reconciled by
adjusting the Rest of World segments so the correct global median values are retained.
Sources: BNEF, 4Q 2023 Global PV Market Outlook, 11/22/23; EIA, Annual Energy Outlook 2023, 3/23; Goldman Sachs Equity Research, America’s Clean Technology: Solar,
12/17/23; SolarPower Europe, Global Market Outlook For Solar Power 2023–2027, 6/23; Wood Mackenzie, Three Predictions for Global Solar in 2024, 1/24; Wood Mackenzie, Q1 NREL | 5
2024 Solar Executive Briefing, 10/23.
 International Q1–Q3 2023
Installations • In the first 9 months of 2023, PV
25 200 installations increased significantly (y/y) in
China (145%), Germany (102%), and the
20 Q4 160
U.S. (42%):
Installations (GWdc)

Q1-Q3
15 120
– China installed ~260 GWdc of PV
panels in 2023.
10 80
– Germany installed 14.3 GWdc in 2023.
5 40
– JMK Research reported that 10 GWac
(12.5 GWdc) of PV was installed in
0 0
2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 India in 2023―down 28% y/y.
U.S. India Australia Germany China
Mercom reported that Indian
Cumulative
capacity 161 GW 71 GW 33 GW 78 GW 526 GW installations were being delayed due
to transmission connectivity and long-
term access.
*China reported 87 GW of PV installations in 2022, 129 GW in the first 9 months of 2023, and 216.9 GW in • At the end of September, these countries
2023; however, these numbers reflect a combination of utility-scale projects reported in Wac and distributed
PV reported in Wdc. IEA estimated Chinese 2022 installations to be 106 GW. Chinese values here reflect the had cumulatively installed 869 GWdc of PV.
same 2022 ILR.
Sources: Australian Photovoltaic Institute. Mercom (11/27/23; 01/29/24). PV Magazine (11/24/23, NREL | 6
12/22/23); PVTech (10/20/24); Wood Mackenzie/SEIA: U.S. Solar Market Insight: Q4 2023.
 Concentrating Solar Power
Update

• In Q1 2024, India plans on putting out a tender for renewable energy in which over 50% must come from CSP.
There is renewed interest in CSP in India to provide a longer-duration source of solar energy. Over a decade ago,
India awarded 470 MW of contracts for CSP, but only 200 MW was built. India is planning to address previous
issues, such as reducing development risk, increased DNI data availability, and loans covering 70% of the costs.
The size of the tender was not provided.
• Recently, there has been a series of CSP spinoff companies that focus on stand-alone thermal energy storage,
powered by electricity from wind and solar to provide more cost-competitive long-term thermal energy storage
for industrial process heat. Recent companies include Malta, Heatrix, Rondo, and Heatcube. Heatcube has
designed a process with salts that solidify at lower temperatures than traditional CSP, which allows them to use
less expensive steel for their tanks.
• In December, DEWA inaugurated its 700-MW CSP plant (600-MW trough; 100-MW tower). The facility also
includes 250 MW of PV and 5.9 GWh of thermal energy storage capacity.
• In October 2023, GlassPoint announced it will partner with the Ministry of Investment of Saudi Arabia to build a
solar manufacturing plant to mass-produce its solar steam technology. At full capacity, the factory will annually
produce technology to generate 5,000 tons of solar steam.
NREL | 7
 • Though California residential installations were up through
the first 9 months of 2023, likely caused by a spike in
Agenda interconnection applications in the lead up to April 15
change from CA NEM 2.0 to 3.0, interconnection
applications have since plummeted well below historical
levels.

1 Global Solar Deployment • According to EIA data, the United States installed 15.8
GWac of PV in the first 9 months of 2023—a record—up
2 U.S. PV Deployment 31% y/y (SEIA reported 19.3 GWdc).

• EIA projects the percentage of U.S. electric capacity

3 PV System Pricing additions from solar will grow from 46% in 2022 (18 GWac)
to 54% in 2023 (31 GWac), 63% in 2024 (44 GWac), and 71%
4 Global Manufacturing in 2025 (51 GWac).

5 Component Pricing – Other analysts’ projections are lower, with a median

value of 33 GWdc in 2023, growing to 36 GWdc in 2024
6 U.S. PV Imports and 40 GWdc in 2025.

• The United States installed approximately 15.1 GWh (4.8

7 PV Waste and Toxicity GWac) of energy storage onto the electric grid in the first 9
months of 2023, +40% (+32%) y/y, as a result of growth in
NREL | 8
all sectors.
 Map shows the number of mitigation actions (reducing greenhouse gas
emissions or removing them from the atmosphere) taken by states, as
States: Q3–Q4 2023 Updates reported in the Fifth National Climate Assessment. Cities and tribal
entities have also taken actions. The circles identify the 18 states (plus
Washington, DC) with 100% clean or renewable energy commitments.

Michigan committed to 100% clean electricity

by 2040, 2.5 GW of storage by 2030, higher caps
on distributed PV, and more. The state is also
offering clean energy deployment grants.
Minnesota increased the share of PV
installation incentives going to income-qualified
customers from 30% to 50%.
The Washington, DC metro area targeted
250,000 rooftop PV systems by 2030, equivalent
to PV on 24% of single-family homes.
New York announced investments in 1.5 GW of
PV plus 4.7 GW of other renewables, the
largest-ever state investment in renewable
energy, which will meet 12% of electricity
demand.
California passed laws promoting PV, battery,
and transmission deployment along highways
100% clean energy std. and accelerating distribution grid
improvements.
Sources: Canary Media (11/20/23); LBNL, U.S. State Renewables Portfolio & Clean Electricity Standards: 2023 Status Update (6/2023); Minnesota Reformer (11/6/23); PV NREL | 9
Magazine (10/24/23, 11/27/23); PV Tech (11/30/23); Solar Power World (10/9/23, 11/28/23); U.S. Government, Fifth National Climate Assessment (2023).
 States: 2023 Year-in-Review
Net Metering and Distributed Generation
Top State Distributed PV Policy Trends of 2023 Compensation Policies as of December 2023
• Net billing tariffs
• Incentives for low- to moderate-income customers
• Time-varying PV-compensation rates
• Lack of new utility-proposed/regulator-accepted fees on
PV customers
• Expanded and redesigned state community solar
programs
• Required siting specifications for community solar
projects
• Higher system size and aggregate capacity limits for PV
programs
• Required or allowed application of net excess generation
credits to low-income customer accounts
• Tariffs designed to encourage PV plus storage
• Utility-initiated (not state-initiated) proposals for net-
metering successor tariffs.
NREL | 10
Source: North Carolina Clean Energy Technology Center, The 50 States of Solar: 2023 Policy Review and Q4 2023 Quarterly Report, January 2024. Map reproduced with permission.
 Global Residential • At the end of 2023, approximately 15 GW/34 GWh of global
residential battery storage capacity had been installed, 88% of
PV+Storage (BNEF) which was located in five countries: Germany, Italy, Japan, the
U.S., and Australia.
2023 Residential battery to solar attachment rates, by country (%)
• Growth in these markets occurred mostly due to an increase
Germany in storage subsidies coinciding with a decrease in PV export
tariffs (and often high retail rates).
Italy
– Germany and Italy have provided incentives between
European average 30% and 50% for the cost of storage while decreasing PV
Australia
export rates to the price of wholesale power. The
incentives have scaled back, but self consumption is still a
US leading driver ($0.30/kWh vs. $0.05/kWh).
0% 20% 40% 60% 80% 100% • China has a relatively small residential battery market,
particularly given its high level of product manufacturing. This
is due to low retail rates, low concern for power outages, and
14 Residential battery storage annual additions, by country (GWh)
low subsidies.
12
Others • Products on the market are now lithium iron phosphate
10
batteries, which are safer as well as less expensive than the
Australia
8 previously dominant nickel manganese cobalt (which are
Japan
6 denser and therefore better suited for EVs).
US
4 • The value chain is evolving to integrate hardware components
Italy
2 Germany
and software (for aggregation and energy trading) into a final
product.
0
2019 2020 2021 2022 2023 Source: BloombergNEF, “Scaling the Residential Energy Storage Market.” NREL | 11
December 19, 2023.
 California’s NEM 3.0 Affects • Implementation of California’s Net Billing Tariff
Distributed PV Installations (i.e., NEM 3.0) rules on April 15, 2023, has already
had a dramatic effect on the residential PV
70,000 market:
No. of Residential Interconnection Applications

NEM 3.0 NEM 3.0

approved effective – Retail export rates under the NEM 2.0 policy
60,000 were replaced with avoided-cost rates,
Interconnection Data: Pacific Gas &
Electric, Southern California Edison reducing export compensation by ~75%.
50,000
Data are preliminary. Applications – Preliminary data show receipt of residential
received but not yet approved are
40,000 not included. A surge in applications interconnection applications spiking in the
preceding NEM 3.0 implementation lead up to April 15 and then plummeting.
30,000 in April 2023 created an application
approval backlog. • It is unclear at this point how much of the
20,000 drop is attributable to a change in
economics vs. depletion of sales pipelines.
10,000 – The NEM 3.0 framework was designed to
encourage PV+storage, which can reduce how
0
Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov
much energy gets exported. To date,
PV+storage applications are still dwarfed by
2021 2022 2023
previous stand-alone PV applications.
Standalone PV (approved) PV + storage (approved)
Standalone PV (received) PV + storage (received)

Sources: California Distributed Generation (11/30/23); Canary Media (12/1/23); PV Tech (12/4/23); Solar Power World (11/30/23); Utility Dive (12/14/23); Wood Mackenzie and
NREL | 12
SEIA; US Solar Market Insight, Q4 2023.
 California’s NEM 3.0 Affects
Distributed PV Installations (cont.)

• Though it is too early to assess from installation and

application data the true impact of NEM 3.0, a
California Solar & Storage Association (CALSSA) survey
suggests the impacts will significantly harm solar
businesses:
– Respondents reported that 17,000 solar jobs (22%
of all its solar jobs) would be lost by end of 2023.
– 59% of residential PV and storage contractors
responded that they anticipated further layoffs.
• In December 2023, a California appeals court dismissed
a challenge to the NEM 3.0 policy from environmental
groups, who argued that the policy does not consider
the societal benefits of distributed PV as required by
law.
• California accounted for one-third of U.S. residential PV
capacity installed in 2022.

NREL | 13
 New California Policies Reduce PV • In November 2023, the California Public Utilities
Commission (CPUC) reduced PV compensation for
Compensation Further multimeter properties.
– Customers such as schools, farms, and shopping
Cumulative California PV by Sector, Through 2023 (GWdc) centers must sell all electricity at reduced rates
Residential,
while buying all electricity at full retail rates.
13 GW (31%) – Multifamily housing residents still can self-
consume PV electricity, but multifamily common
areas (lobbies, garages, and so on) cannot.
Utility-scale,
– Residents enrolled in affordable housing
24 GW (54%) programs retain existing rates.
Non-residential, – The policy applies immediately to new PV
7 GW (15%)*
customers and is phased in over 20 years for
*Non-residential includes existing customers.
commercial, industrial,
California Housing Types, 2022 agricultural, school, • In a separate decision, CPUC reduced compensation
Mobile home, government, nonprofit, for single-family homes that host PV-plus-storage
community solar.
0.5 M (4%) systems under California’s new Net Billing Tariff (i.e.,
20 or more units, NEM 3.0) by limiting which bill charges can be offset
2.0 M (14%) by exporting electricity to the grid during high-value
5 to 19 units, 1-unit detached, periods such as early evenings.
1.5 M (10%) 8.4 M (57%)
– According to one consultant, the policy will
2 to 4 units,
1.1 M (8%) reduce compensation to typical PV-plus-storage
owners by 10%–15% or about $230 per year.
1-unit attached,
1.1 M (7%)
Sources: Cal Matters (11/16/23); Canary Media (12/4/23); PV Tech (11/17/23); U.S. Census Bureau, American Community Survey, 2022; Wood Mackenzie and SEIA, US Solar MarketNREL | 14
Insight, Q4 2023.
 PV and Batteries Help • The 185-MWac Kapolei energy storage plant on
Oahu began operating in December 2023.
Replace Coal in Hawaii – It helps replace capacity lost when Hawaii retired
its 180-MWac coal plant in 2022, constituting 17%
of Oahu’s peak capacity.
6,000 Electric Capacity, Hawaii – It also provides grid services and black-start
capability.
5,000 – It is estimated to reduce curtailment of
renewables by 69% for the first 5 years.
• Statewide, battery capacity is projected to
4,000
increase 230% between 2022 and 2024 (to 860
Capacity (MWac)

MWac), while PV capacity is projected to increase

3,000 50% (to 1,700 MWac).
– Utility-scale installations are growing fastest.
2,000
• Hawaii’s electricity market and policies are
promoting this shift.
– Retail electricity rates are the highest in the
1,000 United States, triple the national average.
– The state target is 100% clean electricity by 2045.
0 – Residential PV growth slowed after net metering
2016 2017 2018 2019 2020 2021 2022 2023P 2024P ended in 2015.
Petroleum Coal Distributed Battery – Subsequent distributed energy policies have
Utility Battery Utility PV Distributed PV promoted self-consumption, grid support, and
Wind Biomass Geo+Hydro+Other deployment of energy storage.
Sources: Canary Media (1/10/24); EIA, Electric Power Monthly, Dec 2023; EIA, Hawaii Electricity Profile 2022, Nov 2023; Hawaiian Electric (accessed 1/16/24); Hawaii Public Utilities
NREL | 15
Commission (12/23); Wood Mackenzie, U.S. Energy Storage Monitor, Q4 2023; Wood Mackenzie and SEIA, US Solar Market Insight, Q4 2023.
 U.S. Installation Breakdown • 46% of U.S. PV capacity installed in the first 9
Quarterly: EIA (GWac) months was in Texas, Florida, and California.
– 28 states installed more than 100 MWac.
• According to EIA data, the United States installed 15.8 GWac of PV in – California’s residential market kept
the first 9 months of 2023—a record—up 31% y/y (SEIA reported growing, Q/Q, throughout the year, not
19.3 GWdc). yet showing any slowness caused by the
– Residential (5.1 GWac) remained up significantly YTD, 43% y/y, as switch to NEM 3.0.
did utility-scale (9.4 GWac—up 32%). Nonresidential was down
6% (1.2 GWac).
U.S. PV Installations by Market Segment Click here to interactively view
8 these data on Tableau Public.
7 Utility-scale
Q1-Q3 '23 U.S. PV Installations by Region
C&I
6 (15.8 GWac)
Residential
Quarterly PV Installed (GWac)

5
13.2 Southwest
4 13% Florida
13%
3 Texas
2 1.5 15%
3.9 California
1 Other
Northeast 20%
0 4%
9%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Southeast Midwest
12% 14%
2017 2018 2019 2020 2021 2022 2023
Note: EIA reports values in Wac, which is standard for utilities. The solar industry has traditionally reported in Wdc. See the next slide for values reported in Wdc. NREL | 16
Sources: EIA, “Electric Power Monthly,” forms EIA-023, EIA-826, and EIA-861 (November 2023, February 2022, February 2019).
 U.S. Installation Breakdown Unlike the previous slide, these values are
in GWdc—not GWac.
Quarterly: SEIA (GWdc)
• Wood Mackenzie/SEIA reports a record first 9 months of PV installations, with 19.3 GWdc installed from Q1 to Q3 2023—an increase of
42% y/y.
– The utility-scale sector, up 59% from 2022 y/y, rebounded from supply chain issues, as supplier diversification and the CBP release
of module detentions has brought more modules to waiting project sites.
– The residential sector, up 24% y/y, has been boosted by the backlog of California project sales that qualified for NEM 2.0 getting
installed and interconnected, as well as the Northeast, where sales were boosted by retail rate increases (the Northeast is more
exposes to natural gas price increases). The growth is partially offset by rising interest rates that occurred in 2022, which caused
declines in sales volumes from loan companies in Arizona, Texas, and Florida.
Q1-Q3 23 U.S. PV Installations by Region
10 U.S. PV Installations by Market Segment (19.3 GWdc)
Utility
8 Nonresidential PV
Northeast
Southeast 10%
Residential PV
Quarterly PV Installed (GWdc)

9%
6
Florida
4 19%
Midwest
2
12%
Southwest Other
0 17% 8%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 California
Texas
2019 2020 2021 2022 2023 13%
11% NREL | 17
Sources: Wood Mackenzie/SEIA: U.S. Solar Market Insight: Q4 2023.
 U.S. Generation Capacity Additions by
Source: 2010–2023 and
• EIA projects the percentage of U.S. electric
Planned 2023–2025 capacity additions from solar will grow from 46%
80 in 2022 (18 GWac) to 54% in 2023 (31 GWac), 63%
U.S. Generation Capacity Additions (GWac)

in 2024 (44 GWac), and 71% in 2025 (51 GWac).

Click here to interactively view
70 Other
these data on Tableau Public. – Starting in 2023, batteries are projected to be the
Nuclear second-leading source of new generation capacity,
60 Natural Gas (Other) followed by land-based and offshore wind (LBW and
Natural Gas CT OSW).
50
Natural Gas CC – Natural gas is projected to account for 16% of new
capacity in 2023 but to drop to 4% and 8% in 2024 and
40 Batteries
2025, respectively.
OSW
30 LBW
• From 2023 to 2025, EIA projects that PV, storage,
and wind will add 177 GWac of capacity additions.
DPV
20
UPV
10 71%

0 Began operating
through Oct. 2023

Planned Nov./Dec.
2023 and full
2024/2025

Sources: EIA Form 860M/Preliminary Monthly Electric Generator Inventory (“Planned” and “Operating”) and EIA Short-Term Energy Outlook Table 7e, NREL | 18
downloaded October 6, 2023; Wood Mackenzie and SEIA US Solar Market Insight Full Report 2Q 2023, Sep 2023.
 • Annual deployment of PV in the United States was
Annual U.S. PV Deployment estimated to have grown by about 55% between
2022 and 2023, to 33 GWdc.
• Analysts project continued increases in annual U.S. PV
Northwest Alaska & installations:
3% Hawaii
70 Fla. 1% – 36 GWdc in 2024 (+10% y/y)
6% Midwest
Northeast 21%
– 40 GWdc in 2025 (+10% y/y)
PV Annual Installations (GWdc)

60 10% – 43 GWdc in 2026 (+9% y/y)

Southwest – 48 GWdc in 2027 (+12% y/y)
50 13% Texas
20% • Utility-scale PV drives the 2023–2027 growth, with
Calif.
40
13% Southeast the highest compound annual growth rate:
13%
30 – Utility-scale 12%
– Commercial and industrial (C&I) 8%
20 – Residential 5%
10 • The variability in deployment projections suggests
significant upside potential.
0
2021 2022 2023E 2024P 2025P 2026P 2027P
• Over the period shown, deployment is geographically
Residential C&I Utility-Scale diverse, with Texas, California, and Florida as the top
states and considerable capacity in several regions.
Notes: E = estimate; P = projection. Bars represent median U.S. projections. Error bars represent high and low U.S. projections. Where sector medians do not sum to U.S.
medians, the differences are reconciled by multiplying the median percentage contribution from each sector by the total U.S. median values so the correct total U.S. median
values are retained. Pie chart shows projected contributions from each region, 2021–2027.
Sources: BNEF, 4Q 2023 Global PV Market Outlook, 11/22/23; EIA, Annual Energy Outlook 2023, 3/23; Goldman Sachs Equity Research, America’s Clean Technology: Solar,
NREL | 19
12/17/23; SolarPower Europe, Global Market Outlook For Solar Power 2023-2027, 6/23; Wood Mackenzie and SEIA, US Solar Market Insight, Q4 2023.
 U.S. Energy Storage Installations by • In 2023 YTD, two states dominated most energy storage
Market Segment markets:
– California and Texas represented 62% of grid-scale
installations. Arizona was another 21%.
• The United States installed approximately 15.1 GWh (4.8 GWac) of energy storage
– California and New York represented 88% of battery
onto the electric grid in the first 9 months of 2023, +40% (+32%) y/y, as a result
energy storage in the CCI market; Massachusetts was a
of growth in the grid-scale and CCI sectors.
large CCI market, but its SMART program is tapering
– The residential market was relatively flat in part because of California’s large market down.
share, which shrank due to a large proportion of PV-only sales to take advantage of – California and Puerto Rico represented 62% of residential
an expiring NEM 2.0. energy storage installs YTD. Texas and Hawaii also
– SMUD installed 0.5 MW of eventual 200-MW long-duration iron flow battery contributed a combined 16%.
storage.
U.S. Energy Storage Installations by Market Segment
8,000 2,550
Energy Storage Installed (MWh)

Energy Storage Installed (MW)

Grid-Scale (MWh) 2,400
7,000 2,250
CCI (MWh) 2,100
6,000 1,950
Residential (MWh) 1,800
5,000 1,650
Grid-Scale (MW) 1,500
4,000 1,350
CCI (MW) 1,200
3,000 1,050
Residential (MW) 900
750
2,000 600
450
1,000 300
150
0 0
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
2017 2018 2019 2020 2021 2022 2023
Note: “Grid-scale” refers to all projects deployed on the utility side of the meter, regardless of size or ownership; “CCI” refers to “community-scale, commercial, and industrial.” NREL | 20
Source: Wood Mackenzie Power & Renewables and Energy Storage Association, U.S. Energy Storage Monitor: Q4 2023.
 U.S. Energy Storage Installations
by Market Segment (EIA)
• EIA reports that the United States installed approximately • California represented approximately 43% of
4.7 GWac of energy storage onto the electric grid in the battery storage capacity installed in the first 9
first 9 months of 2023—up 39% y/y, bringing total U.S. months of 2023, followed by Texas (23%).
battery storage capacity to 16.7 GWac (~43 GWh). – The top five markets represented 91% of installed
energy storage capacity.
U.S. Energy Storage Installations by Market Segment
3,000
Energy Storage Installed (MW)

Residential
2,500 C&I
2,000 Utility-scale

1,500

1,000

500

0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2019 2020 2021 2022 2023
NREL | 21
Sources: EIA Form 860M, EIA Form 861M.
 Solar Consumer Complaints—and • From 2017 to 2022, annual solar-related
complaints to the U.S. Better Business Bureau
Protections—On the Rise (BBB) grew 3 times faster than U.S. residential PV
capacity:
– Top complaint categories included “Solar Energy
12,000 Contractors,” “Solar Energy Equipment Dealers,”
and “Solar Energy Design.”
Solar BBB complaints (↑540%) – Solar-related complaints to the Federal Trade
10,000 Commission, Consumer Financial Protection
Bureau, and many state agencies also increased.
residential PV installations (MWdc)
Annual BBB complaints (no.),

• Common complaints include:

8,000
– Misrepresenting solar costs and benefits
– Misrepresenting financing terms and government
6,000 incentives
– Aggressive sales and marketing tactics
– Unsolicited robocalls.
4,000 Residential PV capacity (↑170%) • Resources, training, regulations, and legal actions
are being instituted to protect consumers and the
2,000 solar industry’s image by, for example:
– Clean Energy States Alliance (CESA)
– Interstate Renewable Energy Council (IREC)
0 – Solar Energy Industries Association (SEIA)
2017 2018 2019 2020 2021 2022 – State solar associations
Solar Energy Contractors Solar Energy Equipment Dealers – Other nonprofit organizations
Solar Energy Design Solar Energy Equipment – State legislators, regulators, attorneys general.
Solar Energy Products Solar Installation
Solar Energy Product Services Solar Energy Development
Solar Energy Parts Residential PV Installations
Sources: BBB, “BBB Complaint and Inquiry Statistics”; CESA, “Program Areas”; Consumer Financial Protection Bureau, “Consumer Complaint Database”; California Public Utilities
Commission, “California Solar Consumer Protection Guide”; IREC, “Consumer Protection”; NREL, “Solar Consumer Protection”; SEIA, Consumer Protection Primer, “Solar 101: NREL | 22
Consumer Protection,” “Solar Business Code”; Solar Power World (8/16/21); Time (9/23, 11/23); Utility Dive (6/22/23); Wood Mackenzie & SEIA, Q3 2023 Solar Market Insight, 9/23.
 Duck Curve: Predicted vs.
Actual
The “Duck Curve” graphic, developed in 2013, predicted that as solar became a larger part of CAISO’s electricity mix, there would
be potential periods of overgeneration and the need for an increased ramp rate―particularly in the springtime when PV is
generating a lot of energy in the middle of the day but demand is low (i.e., not hot enough for AC use). The Duck Curve has
generally come to pass―midday net load has dropped more than predicted, though evening peak has not been as great.
Predicted Actual
Average Hourly Net Load (March 15–April 15)
28,000
26,000
24,000
22,000
20,000
18,000
16,000
Net load
14,000
12,000
10,000
8,000 Utility solar
6,000 generation
4,000
12am 3am 6am 9am 12pm 3pm 6pm 9pm

2014 2015 2016 2017 2018

Note: net load = load – solar & wind production. Includes curtailment. 2019 2020 2021 2022 2023
Sources: CAISO: http://www.caiso.com/informed/Pages/ManagingOversupply.aspx; DOE: NREL | 23
https://www.energy.gov/eere/articles/confronting-duck-curve-how-address-over-generation-solar-energy.
 Duck Curve – Predicted vs.
Actual (specific days of year)
Individual days have experienced significantly lower minimum net load and larger evening ramps.

Predicted Actual
Actual CAISO Net Load (individual days from March 15 - April 15
28,000
26,000
24,000
22,000
20,000

Megawatts
18,000
16,000 2015
14,000 2016
12,000
2017
10,000
8,000
6,000 2018 2019
2020
4,000
12am 3am 6am 9am 12pm 3pm 6pm 9pm

2015 2016 2017 2018 2019

Note: net load = load – solar & wind production. 2020 2021 2022 2023
Sources: CAISO: http://www.caiso.com/informed/Pages/ManagingOversupply.aspx
DOE: https://www.energy.gov/eere/articles/confronting-duck-curve-how-address-over-generation-solar-energy
NREL | 24
 Duck Curve: Seasonality
The “Duck Curve” problem is most severe at particular times of the year. In the summer, demand for cooling during the middle of the
day within CAISO mitigates much of the dip in net load. In other parts of the year, solar does not produce as much. Additionally, other
regions do not necessarily have the same solar production and demand profiles to cause such a problem.

Net Load (July–September)

40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
12am 3am 6am 9am 12pm 3pm 6pm 9pm

2014 2015 2016 2017 2018

2019 2020 2021 2022 2023
Note: net load = load – solar & wind production.
Sources: CAISO: http://www.caiso.com/informed/Pages/ManagingOversupply.aspx; DOE: NREL | 25
https://www.energy.gov/eere/articles/confronting-duck-curve-how-address-over-generation-solar-energy.
 Duck Curve: Curtailment
CAISO has mostly dealt with overproduction through curtailment of solar electricity, but over the course of the year, this has not
represented a large amount of energy (though it reached 24% in March 2023). Curtailment has also been driven by other non–Duck
Curve factors, such as local transmission and reliability constraints. Ramping, though also an issue, is something that has been
managed.

CAISO Solar Curtailment (by % of capacity): CAISO Solar Curtailment (by % of capacity):
Annual Monthly
7% 25%

6%
20%
5%
15%
4%

3% 10%

2%
5%
1%
0%
0%

Nov-16

Nov-21
May-14
Oct-14

Apr-17

Apr-22
Aug-15

Jul-18

May-19
Oct-19

Jul-23
Mar-15

Jan-16
Jun-16

Sep-17
Feb-18

Dec-18

Aug-20
Mar-20

Jan-21
Jun-21

Sep-22
Feb-23
2015 2016 2017 2018 2019 2020 2021 2022 2023

Sources: CAISO: http://www.caiso.com/informed/Pages/ManagingOversupply.aspx NREL | 26

 Community Solar Programs in
the U.S.
www.dsireusa.org/November 2023

DC

22 States + DC
and PR currently have
adopted community
Community Solar Capacity, H1 23 (6 GW)
Maryland
* solar rules
2 states have rules giving
Mass. utilities the option to create
Maine 2% 19% Minnesota community solar programs
KEY
6% Illinois 17%
6% U.S. Territories:
Colorado Community solar policy adopted

*
New Jersey Policy adopted providing community solar option New Orleans local policy also establishes
3% 2% a community solar program AS PR

California New York No policy, but individual utilities may have programs VI GU

3% 30%
Other
12%
Sources: DSIRE USA; Wood Mackenzie and SEIA. NREL | 27
 30
U.S. Tax Equity Investments ($B)
Cost of Capital, Tax Equity 25
Tax credit sales
(Norton Rose Fulbright) 20
Tax equity investments

15
• Tax equity investors invested $20–$21 billion in 2023, with some of that
10
volume coming from 2022 transactions that were delayed:
• The deals were split relatively evenly between wind and 5
solar+storage.
0
• Upwards of 40% of solar deals used the PTC, and some transactions
2017 2018 2019 2020 2021 2022 2023
involved solar using PTC and batteries using ITC.
• There was also another ~$4B in tax credit sales (which includes some non- • In July 2023, the federal government issued proposed rules to
generation credits, such as 45X). large banks, similar to those passed internationally (i.e., “Basel
III”). These rules would require banks with tax equity
• Investors predicted additionality, as opposed to cannibalization of investments to quadruple the required cash on their balance
the tax equity market, caused by tax credit sales. sheet (i.e., capital requirements) for making tax equity
• Tax credit sales prices started at 90%–93% but have recently been investments compared to what they do now. This would
seen as high as 97%. Price can depend on factors such as insurance increase the cost of tax equity and drive some funders out of the
products associated with a deal. market. The regulations would impact PTC transactions less than
ITC transactions. Banks are hoping the regulators will make
• There are various reasons sponsors would still choose tax equity over
changes for the final rules; however, if there is no resolution,
a credit sale: additional markup value; monetizing the accelerated
banks may pause funding midyear. Currently clauses are being
depreciation expense; timing of when money is received.
put in transactions that would allow banks to back out if the final
• Tax equity flip yields are up 100 to 200 basis points from summer 2022 (up to rules are unfavorable. The proposed rules would not take effect
an estimated 8%–9% level), as interest rates have increased and there is until 2025.
more demand for tax equity than supply.

NREL | 28
Sources: Norton Rose Fulbright Cost of Capital: 2024 Outlook; Proposed Basel II Rules.
 Cost of Capital, Bank Debt
(Norton Rose Fulbright)
• Bank debt was >$115B in 2023 from 226 deals―similar to 2022, another record year.
Regional banks are beginning to lend again after issues in 2022 (e.g., Silicon Valley Bank).
• Banks are lending plain “vanilla” projects at 7% with a bank margin of 175 points―in June
2022, the same loan would be 3.5%–4.0%.
• A merchant deal would increase the cost by 75–150 basis points.
• The debt service coverage ratio (DSCR) is 1.25 (P50)/1.0 (P99) for solar projects, 1.15 for
storage projects, and 1.3–1.4 (P50)/1.0 (P99) for wind projects.
• For merchant projects, the DSCR increases to 1.75 (P50) for solar, 2.0 for storage,
and 1.8–2.0 (P50)/1.4-1.5 (P99) for wind.

Note: P50 represents an average level of energy production (or 50% likelihood to generate that much or more electricity), and P99 represents a
production level that the project has a 99% chance of exceeding. NREL | 29
Source: Norton Rose Fulbright Cost of Capital: 2024 Outlook.
 Agenda From H2 2022 to H2 2023 (partial), the median reported
distributed PV system price in Arizona, California,
Massachusetts, and New York:
• Decreased 0.2% to $4.25/Wdc for systems 2.5 to 10 kW
1 Global Solar Deployment • Decreased 4% to $3.66/Wdc for systems 10 to 100 kW
• Increased 2% to $2.49/Wdc for systems 100 to 500 kW
2 U.S. PV Deployment
• Increased 7% to $1.92/Wdc for systems 500 kW to 5
MW.
3 PV System Pricing
4 Global Manufacturing
5 Component Pricing
6 U.S. PV Imports
7 PV Waste and Toxicity
NREL | 30
 Large residential installer Sunrun reported a system
Large Residential Installer value change of -1% y/y and +3% q/q.

Cost and Value, Q3 2023 Factors reported as supporting higher system value
and/or costs (for Sunrun, SunPower, and Sunnova):
Mostly systems leases—bars represent subscriber value including the net • Increasing inflation and interest rates
$7.0 present value of contracted cash flows, tax credits, and other benefits,
including an assumed contract extension
35% • Increasing retail electricity rates
• Increasing battery attachment rates (batteries add
$6.0 30% cost but can yield higher margins):
1.4
– Sunrun rate rose from 18% to 33% q/q (100%
1.86 2.32
$5.0 1.6 1.6 25% in HI and PR, 44% in CA, 4% elsewhere)
$0.15 – Up to 85%+ recent rate in California and 40%+

Battery Attachment Rate

Installed Cost ($/Wdc)

$0.15 $0.17 $0.15 nationwide

$4.0 $0.14 $1.06 20%
$1.24 $1.29
– Sunrun reports “rapidly transitioning to a
$1.17
$3.0
$1.10
15%
storage-first company.”
Factors reported as supporting lower PV system costs
$2.0 10% and/or higher margins now and in future:
$3.42
$2.84 $2.82 $2.84 $3.01 • Forthcoming Investment Tax Credit adders
$1.0 5% • Declining equipment prices
– Module and battery procurement costs down
$0.0 0% by >20% compared with recent highs
Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 – Cost reductions expected to have impact over
Sunrun at least the next several quarters
Installation Sales G&A Net Value or Gross Margin Battery Attachment Rate • Process cost cutting via artificial intelligence
NREL | 31
Source: Corporate filings
 Distributed PV System Pricing From From H2 2022 to H2 2023 (partial), the median
reported distributed PV system price—in nominal
Select States U.S. dollars (USD)—across Arizona, California,
Massachusetts, and New York:
$5.0 • Decreased 0.2% to $4.25/Wdc for systems 2.5 to 10 kW
• Decreased 4% to $3.66/Wdc for systems 10 to 100 kW
• Increased 2% to $2.49/Wdc for systems 100 to 500 kW
$4.0
• Increased 7% to $1.92/Wdc for systems 500 kW to 5
System Price ($/Wdc)

MW.
$3.0
From H2 2022 to H2 2023 (partial), the median
reported distributed PV system price—in 2022
$2.0 (inflation-adjusted) dollars—across these states:
• Decreased 3% for systems 2.5 to 10 kW
$1.0 2.5–10 kW (2022 USD) 10–100 kW (2022 USD) • Decreased 7% for systems 10 to 100 kW
100–500 kW (2022 USD) 500 kW – 5 MW (2022 USD) • Decreased 2% for systems 100 to 500 kW
2.5–10 kW (nominal USD) 10–100 kW (nominal USD)
100–500 kW (nominal USD) 500 kW – 5 MW (nominal USD) • Increased 3% for systems 500 kW to 5 MW.
$0.0
H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2
(part) Adjusting for inflation reveals the continuing real
2018 2019 2020 2021 2022 2023 distributed PV price reductions over the past several
2023 MW data YTD: Arizona (290), California (1,566), Massachusetts (77), New York (596). years of economic volatility.
Note: System prices above $10/W and below $0.75/W were removed from the data set. There were not enough
reported prices for systems above 5 MW in the data set to show a trend over time.
Sources: Arizona Goes Solar (1/2/24); California Distributed Generation (11/30/23); Massachusetts Lists of
Qualified Generation Units (12/6/23); Solar Electric Programs Reported by NYSERDA (1/4/24). NREL | 32
 Distributed System Pricing From
Select States, H2 2023 (partial)
• For systems of 2.5–10 kW, nominal price changes varied
• In addition to price differences based on system size, there is variation between H2 2022 and H2 2023 (partial):
between states and within individual markets. – -5% in Arizona, no change in California, +4% in
• Dollar-per-watt prices generally decrease as system size increases. Massachusetts, -1% in New York.

$7 Bars represent the median, with error bars

representing 80th and 20th percentiles.
$6

$5
System Price ($/Wdc)

$4

$3

$2

$1

$0
AZ CA MA NY AZ CA MA NY AZ CA MA NY AZ CA MA NY NY
2.5 kW–10 kW 10 kW–100 kW 100 kW–500 kW 500 kW–5 MW 5 MW+

2023 MW data YTD: Arizona (290), California (1,566), Massachusetts (77), New York (596).
Note: System prices above $10/W and below $0.75/W were removed from the data set.
Sources: Arizona Goes Solar (1/2/24); California Distributed Generation (11/30/23); Massachusetts Lists of NREL | 33
Qualified Generation Units (12/6/23); Solar Electric Programs Reported by NYSERDA (1/4/24).
 Residential U.S. PV+Storage Pricing

Bars represent the median, with error bars

$9,000
PV+Storage ($/kWdc)
representing the 80th and 20th percentiles.
• In 2023 YTD, residential PV+storage systems
$8,000
PV+Storage ($/kWac)
in Arizona, California, and Massachusetts
PV+Storage ($/kWh)
had a median system price of $3,235/kWh,
$7,000
or $6,015/kWac ($5,719/kWdc)—an increase
$6,000 of about 10% compared with full 2022
median values:
System Price

$5,000
– Most of these systems offer 2–3 hours of
$4,000 storage.
$3,000 – Units represent total system price divided by
the capacity of the battery (kWh) or the
$2,000 capacity of the PV system (kW).
$1,000

$0
2018 2019 2020 2021 2022 2023
n= 3,380 n= 4,248 n= 7,837 n= 13,299 n= 20,440 n= 13,873
2023 YTD residential PV+storage sample, after data cleaning (MWdc): Arizona (16), California (106), Massachusetts (7). NREL | 34
Sources: Arizona Goes Solar (1/2/24); California Distributed Generation (11/30/23); Massachusetts Lists of Qualified Generation Units (12/6/23).
 Residential U.S. PV+Storage Pricing

Bars represent the median, with error bars

$9,000 representing the 80th and 20th percentiles.
• During 2023 YTD, residential PV+storage
$8,000 system prices in Arizona, California, and
Massachusetts varied between states and
$7,000
internally.
$6,000 – Prices may vary due to differences in storage
System Price ($/kWdc)

power and capacity, permitting and

$5,000 CA interconnection differences, local competitive
$4,000
AZ factors, and installer experience.
MA

$3,000 • Compared with full median 2022 values,

prices (in dollars per kWdc of PV capacity)
$2,000
increased in 2023 YTD in California (11%)
$1,000 while decreasing in Massachusetts (3%) and
Arizona (3%).
$0
2018 2019 2020 2021 2022 2023

2023 YTD residential PV+storage sample, after data cleaning (MWdc): Arizona (16), California (106), Massachusetts (7). NREL | 35
Sources: Arizona Goes Solar (1/2/24); California Distributed Generation (11/30/23); Massachusetts Lists of Qualified Generation Units (12/6/23).
 U.S. Solar PPA Pricing
(LevelTen)
$80 • LevelTen reports that following a modest dip
in prices in Q2, U.S. utility-scale PV PPA prices
$70 increased for the second straight quarter,
National average across increasing 3% q/q and 15% y/y in Q4 2023.
$60 markets
• Market-level trends diverged with some
25th Percentile PPA Offer Price ($/MWh)

experiencing price declines and others seeing

$50 price increases:
– ERCOT pricing was relatively low due in
$40
part to low interconnection costs and low
REC pricing. Conversely, PJM pricing was
$30
relatively high due to higher
interconnection and REC pricing.
$20
• PPA prices were pushed down by a more
$10 efficient solar supply chain and lower module
prices; however, high interest rates negated
$0
any benefits of lower equipment pricing.
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2019 2020 2021 2022 2023
Source: LevelTen, PPA Price Index. NREL | 36
 SREC Pricing
• Solar renewable energy certificate (SREC) pricing has been relatively flat in 2023, particularly for legacy
programs such as New Jersey and Massachusetts, which are not accepting new projects.
• However, potential programmatic or supply/demand changes can still impact markets. A bill currently
being debated in Pennsylvania’s state House would increase its RPS from 8% to 30% and the solar
carveout from 0.5% to 4.0% by 2030.
Lower-Priced Markets Higher-Priced Markets
$90 $500
$80
Price Per SREC (Simple Average)

Price Per SREC (Simple Average)

$70 $400

$60
PA MD OH In-state $300
$50
$40
$200
$30
$20 NJ DC MA (SREC II)
$100
$10
$0 $0
Apr-19
Jul-19

Apr-20
Jul-20

Apr-21
Jul-21

Apr-22
Jul-22

Apr-23
Jul-23

Apr-19
Jul-19

Apr-20
Jul-20

Apr-21
Jul-21

Apr-22
Jul-22

Apr-23
Jul-23
Jan-19

Oct-19
Jan-20

Oct-20
Jan-21

Oct-21
Jan-22

Oct-22
Jan-23

Oct-23
Jan-24

Jan-19

Oct-19
Jan-20

Oct-20
Jan-21

Oct-21
Jan-22

Oct-22
Jan-23

Oct-23
Jan-24
NREL | 37
Source: SRECTrade, https://www.srectrade.com/, accessed 01/31/31.
 Agenda
• BNEF reports that at the end of 2023, global PV
manufacturing capacity was between 650 and 750
1 Global Solar Deployment GW―a growth of 2–3x in the past 5 years, 90% of which
occurred in China. In 2023, global PV production was
2 U.S. PV Deployment between 400 and 500 GW.
• Despite global price drops across the PV supply chain, PV
3 PV System Pricing manufacturers have generally remained profitable,
thanks to increases in sales volumes (particularly for N-
4 Global Manufacturing type cells).

5 Component Pricing
6 U.S. PV Imports
7 PV Waste and Toxicity
NREL | 38
 • Despite global price drops across the PV supply
PV Manufacturers’ Margins chain, PV manufacturers have generally
remained profitable, thanks to increases in
sales volumes (particularly for N-type cells):
40%
gross margin – Lower pricing upstream also means lower
30% costs downstream.
operating median
20% – At the end of Q3 2023, over half of
10% Canadian Solar capacity and Jinko Solar
production (57%) used N-type cell
Margins

0% architecture.
-10% – Jinko reported mass-produced TopCon cell
-20% efficiencies reaching 25.6%.

-30%
-40%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2019 2020 2021 2022 2023

Lines represent the median, with error bars representing 80th and 20th percentiles for the following companies in Q3 2023: Canadian Solar, First Solar, JA Solar, Jinko Solar,
LONGi, Maxeon, Motech Industries, REC Silicon, Renesola, Risen, Shanghai Aiko, Shanghai Aerospace, Tongwei, Trina Solar, and United Renewable Energy.
Note: Gross margin = revenue minus cost of goods sold (i.e., the money a company retains after incurring the direct costs associated with producing the goods or services it
sells); operating margin = gross margin minus overhead and operating expenses (i.e., the money a company retains before taxes and financing expenses).
NREL | 39
Sources: Company figures based on public filings and finance.yahoo.com.
 IRA Impacts on U.S. Solar PV Manufacturing Capacity
• Since the passage of the IRA, >250 GW of manufacturing capacity has been announced across the solar supply chain, representing
more than 27,000 potential jobs and more than $14 billion in announced investments across 80 new facilities or expansions.*
– 105 GW of solar module capacity (including 11 GW of CdTe) junction boxes, inverters, trackers, and tracker components)*
– 49 GW of c-Si cell capacity – Another 35 GW of solar manufacturing capacity had been
– 29 GW of c-Si wafer capacity announced since the start of the Biden administration prior to
– 69 GW of BOS (including glass, encapsulant, backsheet, the passage of the IRA.

These announcements post-IRA represent

potential investment in 23 states and Puerto Rico.

Projected 2025
3
U.S. PV Deployment 2 1 2
1

2
4
1 1
2 1 4
2 DC

1
3 2 1 5
2 6
13 2
1
2
0 13
# of facilities* announced post-IRA

Sources: Internal DOE tracking of public announcements and BNEF Global PV Market Outlooks and Wood Mackenzie and SEIA Solar Market Insights Q2 2022 and Q2 2023.
*Not all announcements include facility locations, job, or investment numbers. See Building America's Clean Energy Future | Department of Energy.
 Recent Manufacturing News

• Notable announcements over the last several months include:

– Array Technologies announced solar tracker plans for Albuquerque,
New Mexico
– Canadian Solar announced plans for 5 GW of cells in Jeffersonville,
Indiana
– Heliene announced plans to expand in Mountain Iron, Minnesota
– NSG Glass North America announced plans to make glass for First Facilities
announced
Solar in Rossford, Ohio
without
– Priefert Steel (Nevados) announced solar tracker plans for Mount locations
Pleasant, Texas
– SMA Solar announced plans to make 3.5 GW of inverters in the U.S.
– Soltec announced plans to make trackers within the U.S.
– Waaree Energies announced a location for its module
manufacturing in Brookshire, Texas, and announced plans to make
c-Si cells within the U.S. by 2025. https://www.energy.gov/invest, updated 1/11/24

• In less positive manufacturing news, Enphase Energy also announced that it

plans to close its recently-opened Wisconsin facility in 2024.
Source: Internal DOE tracking of announcements, PV Tech.
 Growth in Global PV
Manufacturing Capacity
800 2,000 • PVTech and Goldman Sachs report that at the end of
Excess Capacity
1,800
2023, approximate global PV manufacturing
Production
700 capacity was between 650 and 750 GW. In 2023,
1,600 global PV production was between 400 and 500 GW.
600
1,400
• In the past 5 years, PV manufacturing capacity has
500
1,200 grown 2–3x, with more than 90% of the growth

MT (000s)
Gigawatts

400 1,000
occurring in China:

800
– 20% (wafer) to 40% (polysilicon) of new
300 manufacturing capacity came online in 2023.
600
200 • The ratio of production as a percent of
400
manufacturing capacity fell slightly in 2023;
100
200 however, some of that might be explained by the
0
large amount of manufacturing capacity ramping up.
0
2019
2021
2023
2020
2022
2019
2021
2023
2020
2022
2019
2021
2023
2020
2022
2019
2021
2023
2020
2022
• Historically, the previous years’ manufacturing
China Outside China Outside China Outside China Outside capacity has been a good indicator of the next year’s
China China China China production, across manufacturing steps. However,r
Modules Cells Wafers Polysilicon analysts project that it may take a few years for the
industry to produce at the 2023 level of global
Note: Data represent median values from multiple sources. manufacturing capacity. NREL | 42
Sources: Goldman Sachs (12/17/23), PVTech Research, “PV Manufacturing & Technology Quarterly Report - Release 31 - November 2023.”
 Individual Stock Performance (Q1–Q4 2023)
Stock Market Activity 70%

50%
The Invesco Solar ETF rose 8% in Q4 2023 (-26% for the year) vs. an 11%–
30%
15% increase across the broader market (+16% to +25% for the year). Rising
interest rates weighed on solar stocks for much of the year, reducing 10%
profitability. A 5-percentage point increase in interest rates can increase
-10%
solar energy costs by one-third. Additional headwinds included California’s
NEM 3.0 policy, high labor costs, and large installer inventories of PV -30%
equipment. Potential tailwinds going forward include falling interest rates,
-50%
strong demand for solar energy worldwide, and rapidly rising utility rates.
-70%
Invesco Solar ETF (TAN) S&P 500 Index Q4 2023
40% 6 -90%
iShares Russell 2000 ETF 10-Year Treasury Yield
30%

Enphase Energy

Solargiga Energy

Jinko Solar
Canadian Solar

Wacker Chemie
Shunfeng

Meyer Burger
Atlantica Yield

SunPower

Sunrun

Tainergy Tech
First Solar

Daqo
Ginlong

SolarEdge
Soltec Power
Array Tech.
Sunworks

Sunnova

Azure Power
5
% Change (Index: 01/04/21

20%

10-Year Treasury Yield (%)

10%
Adjusted Close)

0% 4
-10%
3 Yieldcos Installers Inverters Trackers PV Manufacturers Poly Equip.
-20%
Note: The TAN index is weighted toward particular countries and sectors. As of
-30% 2 1/16/24, 55% of its funds were in U.S. companies and 17% were in Chinese
-40% companies. Its top 10 holdings, representing 62% of its value, were First Solar,
-50% Enphase, SolarEdge, Sunrun, GCL, Hannon Armstrong, Xinyi, Shoals, Array
1 Technologies, and Encavis.
-60% Sources: CNBC (11/15/23); Federal Reserve Bank of St. Louis (accessed 1/16/24);
-70% 0 IEA, Projected Costs of Generating Electricity, 2020; Invesco (1/16/24); Nasdaq
Jan-21Apr-21 Jul-21 Oct-21Jan-22Apr-22 Jul-22 Oct-22Jan-23Apr-23 Jul-23 Oct-23Jan-24 (1/13/24); Yahoo Finance (accessed 1/16/24). NREL | 43
 Agenda
• Global polysilicon spot prices fell 18% from mid-October
($10.53/kg) to mid-January ($8.70/kg), approaching their
1 Global Solar Deployment lowest levels of the past several years.
• Global module prices reached yet another record low,
2 U.S. PV Deployment falling 22% between mid-October and mid-January to
$0.11/Wdc.
3 PV System Pricing
• In Q3 2023, the average U.S. module price ($0.33/Wdc)
was down 11% q/q and down 23% y/y but at a 100%
4 Global Manufacturing premium over the global spot price for monofacial
monocrystalline silicon modules.
5 Component Pricing
6 U.S. PV Imports
7 PV Waste and Toxicity
NREL | 44
 Global polysilicon spot prices fell 18% from
PV Value Chain Global Spot Pricing mid-October ($10.53/kg) to mid-January
($8.70/kg), approaching their lowest levels of
the past several years:
$0.30 $45 • Additional polysilicon capacity scheduled to
come online in 2024 far exceeds the increase in
Average Wafer, Cell, and Module Spot Price ($/Wdc)

Monofacial modules Bifacial modules $40

expected polysilicon demand, further increasing
$0.25
global polysilicon overcapacity.

Average Polysilicon Spot Price ($/kg)

$35
During the same period, global prices
$0.20 $30
decreased for wafers (27%) and cells (33%).
$25
$0.15 Global module prices reached yet another
Cells $20 record low, falling 22% between mid-October
$0.10 $15 and mid-January to $0.11/Wdc:
• Decreasing supply chain costs, increasing module
Wafers $10
Polysilicon (right axis) manufacturing capacity, and large module
$0.05
$5 inventories in Europe as well as intense
competition among manufacturers depressed
$0.00 $0 demand and prices.
Jul-20

Jul-21

Jul-22

Jul-23
Apr-20

Apr-21

Apr-22

Apr-23
Jan-20

Oct-20

Jan-21

Oct-21

Jan-22

Oct-22

Jan-23

Oct-23

Jan-24
Cells, mono ($/Wdc) Monofacial modules, mono ($/Wdc)
Bifacial modules, 210 mm, mono ($/Wdc) Wafers, mono M10 ($/Wdc)
Polysilicon ($/kg)
NREL | 45
Sources: BloombergNEF, Solar Spot Price Index (1/17/24); PV Magazine (9/25/23, 11/23/23, 11/28/23, 12/19/23); PV Tech (10/20/23).
 Module Prices: In Q3 2023, the average U.S. module price
Global vs. United States ($0.33/Wdc) was down 11% q/q and down 23%
y/y but at a 100% premium over the global spot
$0.45 price for monofacial monocrystalline silicon
modules.
$0.40
The directional trend in U.S. module prices
$0.35 realigned with the trend in global module prices,
although the difference between the two prices
$0.30
PV Module Price ($/Wdc)

remained about the same ($0.16–$0.17/Wdc).

$0.25
• The U.S. premium has been maintained by
$0.20 tariffs on Chinese modules as well as friction
on Southeast Asian module imports due to
$0.15 the antidumping and countervailing duties
$0.10
(AD/CVD) investigation as well as module
U.S. average module value detainment under the Uyghur Forced Labor
$0.05 Global spot price, monofacial monocrystalline modules Prevention Act (UFLPA).
$0.00 • Decreasing UFLPA detainment periods have
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 contributed to recent declines in U.S. module
2020 2021 2022 2023 prices.

Sources: BloombergNEF, Solar Spot Price Index (1/17/24); EIA, Monthly Solar Photovoltaic Module Shipments Report (1/19/24); Wood Mackenzie and SEIA, US Solar NREL | 46
Market Insight: Q3 2023 (9/23); Wood Mackenzie and SEIA, US Solar Market Insight: Q4 2023 (12/23).
 • As module imports rose at the end of 2022, prices rose
Calculated U.S. Module Pricing with them, but in Q3 2023, prices began to fall―although
they are still well within historical norms (in both real and
nominal price).
– Based on the reported value and capacity of imported PV
modules, the average price of a PV module in the United
5.0 $0.50 States fell less than a cent q/q in Q3 2023 to $0.34/W and
Total c-Si import volume (GW)
is on track to fall back to $0.31/W in Q4, while the
Total c-Si imports nominal price ($/W)
effective Section 201 tariff has fallen below $0.01/W.
Total c-Si imports real price ($/W)

c-Si Module Price (Nov 2023 US$/Wdc)

4.0 $0.40
Imported c-Si Modules (GWdc)

– Price fluctuations continue to vary by country, with

module prices from South Korea experiencing the most
significant changes and those from Malaysia remaining
3.0 $0.30 the steadiest.
$0.40 Imported value/Watt "Effective" 201 Tariff Rate

Nominal U.S. Module Price

2.0 $0.20
$0.30

$0.20
1.0 $0.10
$0.10

$0.00
0.0 $0.00

Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Oct-Nov
DEC
DEC

DEC
DEC

DEC

JUN
SEP

MAR
JUN
SEP
JUN

MAR
JUN
SEP

MAR
SEP

MAR
JUN
SEP
MAR
JUN
SEP

MAR

2018 2019 2020 2021 2022 2023

2020 2021 2022 2023
Note: Manual corrections were made to three values due to suspected data entry errors for HTS code 8541430010: Cambodia (February 2022), Malaysia (June 2020), and Vietnam (July 2019);
nominal price = the price paid at the time of transaction (i.e., not adjusted for inflation); real price = the price adjusted for inflation.
Sources: Imports by HTS code: 8541460015(2018-2021)/8541430010(2022-); Customs Value and Second Quantity (watts) from the U.S. International Trade Commission NREL | 47
DataWeb; the U.S. Census Bureau USA Trade Online tool and corrections page. Manual corrections were made to imports from India due to suspected data entry errors.
 Average Lithium-Ion Battery • After a small increase in 2022, battery pack prices
Pack Price, 2010–2023 continued their historical downward trend in
2023, falling 90% from 2010 to 2023, and 14%
between 2022 and 2023.
– From 2016 to 2023, average battery pack
1,391 Battery pack price (real 2023 $/kWh) prices within the stationary storage sector
All Sectors decreased 64% and 17% from 2022 to 2023.
1,079 – BNEF reported the lowest price to date:
Stationary $82/kWh in China.
Storage
848
780 • BloombergNEF cited falling raw material and
692 component prices due to large increases in
manufacturing capacity throughout the supply
448
415 chain. Additionally, despite a growth in demand,
369
345
272 256
it may have been lower than expected.
258 180
2… 207 150
183 160 173
150 161 139 • BloombergNEF reported that large stationary
storage providers are entering multiyear cell
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
supply agreements while allowing flexibility to
take advantage of low Chinese prices.
NREL | 48
Source: BloombergNEF, “2023 Lithium-Ion Battery Price Survey.”
 Agenda
• The United States imported 40.6 GWdc of PV modules in Q1–Q3
2023, setting a new single-quarter record of over 15 GWdc of
1 Global Solar Deployment modules imported.
– Most panels imported were exempt from Section 201 duties

2 U.S. PV Deployment and were therefore likely bifacial. A significant number of thin-
film modules were also imported.
• 2.4 GWdc of cells were imported in Q1–Q3 2023, up 31% y/y.
3 PV System Pricing – The U.S. is not on pace to reach the 5-GWdc quota exemption
limit for Section 201 tariffs, although it has exceeded 3 GWdc of
4 Global Manufacturing imports in a single year for the first time.

5 Component Pricing
6 U.S. PV Imports
7 PV Waste and Toxicity
NREL | 49
 Module Imports and • In Q3 2023, U.S. module imports achieved new record-
high levels at 15.3 GWdc (+111%, or 8 GWdc y/y), totaling
Calculated Prices by Region 40.6 GWdc in Q1–Q3 2023.
– Import levels decreased after the withhold release order
(WRO) on PV cells and modules was announced in late
Q2 2021. Additionally, many manufacturers in Southeast
U.S. Module (c-Si + CdTe) Imports by Region Asia had reduced production levels earlier in the year
16.0 with the announcement of a U.S. anti-circumvention
investigation and when the 2-year waiver was
14.0 announced in June; however, the supply chain appears
to have recovered from those disturbances.
Modules Imported (GWdc)

12.0 Malaysia
Vietnam – The Q3 q/q increase (+22%, +2.72 GWdc) was mainly the
10.0 Thailand result of increased imports from Malaysia (+71% q/q,
Cambodia +1.3 GWdc) as well as more modest increases from the
8.0
South Korea other southeast Asian countries of import.
6.0 India • Though Q4 is not yet complete, it looks to be another
4.0
China strong quarter for module imports.
Rest of Asia
– This has been mainly the result of imports from Vietnam,
N. America
2.0 Malaysia, and Thailand all exceeding 2 GWdc in just 2
ROW
months, with Vietnam at nearly 3 GW (2.3 GWdc c-Si and
0.0
0.7 GWdc).
Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

2020 2021 2022 2023 Oct-Nov

Sources: Imports by HTS code: 8541460015(2018-2021)/8541430010(2022-) and 8541460035(2018-2021)/8541430080(2022-), Second Quantity (watts) from the U.S.
International Trade Commission DataWeb as well as the U.S. Census Bureau USA Trade Online tool and corrections page as of 1/10/24. Manual corrections were made to NREL | 50
imports from India due to suspected data entry errors.
 c-Si Cell Import Data • According to CBP Commodity Status Reports, starting in
mid-September of 2023, there was a noticeable uptick in
the import of cells relative to prior years. In mid-
November, imports exceeded the previous 2.5 GWdc PV
• According to U.S. Census data, 875 MWdc of cells were imported in Q3 cell import quota level, which was significantly earlier
2023 (2.4 GW in Q1–Q3 2023, +31% y/y), setting a record for imports in a than in any prior year.
single quarter. However, that record has already been broken by the first 2 • As of early January, cell imports had exceeded 3 GWdc for
months of imports in Q4. the first time, although it would be unlikely for imports to
– This was mainly the result of increased imports from South Korea in Q3 (+228 hit the new 5.0 GWdc quota before it resets on February
MWdc q/q) and again the first 2 months of Q4 (+225 MWdc q/q), although there 7.
was also a noticeable increase in imports from Cambodia (+84 MWdc) in Q4, U.S. Cell Imports by Tariff Year
after having been responsible for less 4 MW total imports prior to Q2 2023. 3.50

PV Cells Imported Into U.S. (GWdc)

U.S. Cell Imports by Region 3.00
1.0
Malaysia (previous) 2.5 GWdc PV Cell Import Quota Exemption
2.50
0.8
Imported c-Si Cells (GWdc)

Vietnam 2019
Thailand 2.00 2020
0.6 2021
Cambodia 1.50 2022
South Korea
0.4 2023
China 1.00
Taiwan 0.50
0.2
Indonesia
0.0 ROW 0.00

7-Feb

8-Apr

8-Jun

9-Jul

8-Aug

8-Sep

8-Oct

8-Nov

7-Jan

7-Feb
9-Mar

9-May

8-Dec
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4*
2021 2022 2023
Sources: Imports by HTS code: 8541460025(2018-2021)/8541420010(2022-), Second Quantity (watts) from U.S. Census Bureau USA Trade Online tool and corrections
page as of 1/10/24; U.S. Customs and Border Protection Commodity Status Reports Feb 2019–Jan 2024. NREL | 51
 Agenda
• The United States imported 40.6 GWdc of PV modules in Q1–Q3
2023, setting a new single-quarter record of over 15 GWdc of
1 Global Solar Deployment modules imported.
– Most panels imported were exempt from Section 201 duties

2 U.S. PV Deployment and were therefore likely bifacial. A significant number of thin-
film modules were also imported.
• 2.4 GWdc of cells were imported in Q1–Q3 2023, up 31% y/y.
3 PV System Pricing – The U.S. is not on pace to reach the 5-GWdc quota exemption
limit for Section 201 tariffs, although it has exceeded 3 GWdc of
4 Global Manufacturing imports in a single year for the first time.

5 Component Pricing
6 U.S. PV Imports
7 PV Waste and Toxicity
NREL | 52
 State and Local Restrictions on PV Opposition to PV development is
Development increasing:
• Between 2022 and 2023, the number of
renewable energy projects facing
organized opposition increased 39%.
• At least one restriction on PV
development exists in 29 states.
The fate of PV modules at the end of their
lives as well as module toxicity are among
multiple reasons given for opposing PV
projects, for example:
• “County Council members also raised
concerns about decommissioning and
whether landfills would accept solar
panels.”
• “A local group … claimed that the solar
array would pose risks to the health of
area residents due to toxic chemicals in
the panels.”
NREL | 53
Source: Sabin Center for Climate Change Law. Opposition to Renewable Energy Facilities in the United States: May 2023 Edition.
 Media Coverage of Media coverage about waste and toxicity
PV Waste and Toxicity has appeared as U.S. and global PV
deployment has grown.
• Frequently lacks context and/or
2017 introduces inaccurate information

2020

2021

2023

NREL | 54
Source: CBS News (5/1/23); Environmental Progress (6/21/17); Harvard Business Review (6/1821); Wired (8/22/20).
 Global PV Module Deployment Globally, about 75 TWdc of PV must be
and Waste Projections deployed by 2050 to achieve
decarbonization goals.
Timing of end-of-life module material
generation depends on module lifetimes.
• A 20-year lifetime results in 160 million
Cumulative Installed Capacity (TW)

metric tons of end-of-life module material

by 2050 worldwide.
• A 45-year lifetime results in 54 million
metric tons.
• These values assume no module recycling
or other circular-economy strategies.

NREL | 55
Source: Mirletz et al., “Energy in the Balance: PV Reliability to Power the Energy Transition.” PV Reliability Workshop, 2023.
 Compared with the amount of PV
PV Module Waste in Context module material projected
through 2050, the projected
amounts of other waste
categories are much larger, for
example:
• Coal ash, 300–800 times larger
• Municipal waste, 440–1,300
times larger.
Circular economy strategies
being developed—such as
improved module longevity and
module recycling—will reduce
the generation of end-of-life
module material.

NREL | 56
Source: Mirletz et al. “Unfounded concerns about photovoltaic module toxicity and waste are slowing decarbonization.” Nature Physics, Oct 2023.
 Presence of Inaccurate PV Toxicity
Information on State Websites Online resources provided by at
least six states—intended to
guide the public on end-of-life
module treatment—contain
inaccurate information about PV
module toxicity:
• California
• Florida
• Iowa
• Ohio
• North Carolina
• South Carolina.

Source: California, “Photovoltaic (PV) Modules (Including Solar Panels) Universal Waste Management – FAQs”; Florida, “Managing Unwanted or Broken
Solar Panels in Florida”; Iowa, “Solar Panel Recycling and Disposal”; Ohio, “Ohio Department of Health Solar Farm and Photovoltaics Summary and Assessments”; North Carolina, NREL | 57
“Solar Panel Recycling and Disposal”; South Carolina, “Shining Some Light on Solar Panels.”
 Presence of Inaccurate PV Toxicity
Information on State Websites
Seven materials are mentioned in the state resources.
Irrelevant to commercial PV applications:
1. Arsenic
III-V cells for aerospace
2. Gallium*
3. Germanium Once used in amorphous silicon PV; not at scale
4. Hexavalent chromium Not used in PV modules
Managed materials:
5. Cadmium Used in cadmium telluride PV, closed-loop recycling
6. Lead Used in solder coating in silicon PV (<0.1% by mass; much lower content than in e-waste)
Alloying/doping materials:
2. Gallium *Dopant (100 ppb) in p-type silicon PV; reduces light-induced degradation (replacing boron)
7. Selenium <2% alloy in a stable layer 250x thinner than a human hair of cadmium telluride PV cell;
closed-loop recycling. Used in copper indium gallium selenide PV, not at scale.
Sources: Mirletz et al. “Unfounded concerns about photovoltaic module toxicity and waste are slowing decarbonization.” Nature Physics, Oct 2023.
Zhi et al. “Ga-doped Czochralski silicon with rear p-type polysilicon passivating contact for high-efficiency p-type solar cell.” Solar Energy Materials and Solar Cells, 2021.
Munshi et al. “Polycrystalline CdSeTe/CdTe absorber cells with 28 mA/cm2 short-circuit current.” IEEE Journal of Photovoltaics, 2017. NREL | 58
Ablekim et al. “Thin-film solar cells with 19% efficiency by thermal evaporation of CdSe and CdTe.” ACS Energy Letters, 2020.
 Thank You
www.nrel.gov
NREL/PR-7A40-88780

Special thanks to Nate Blair, Daniella Frank, Madeline Geocaris, and Adam Warren.
This work was authored in part by the National Renewable Energy Laboratory, operated by Alliance for
Sustainable Energy, LLC, for the U.S. Department of Energy (DOE) under Contract No. DE-AC36-
08GO28308. Funding provided by the U.S. Department of Energy Office of Energy Efficiency and
Renewable Energy Solar Energy Technologies Office. The views expressed in the article do not
necessarily represent the views of the DOE or the U.S. Government. The U.S. Government retains and
the publisher, by accepting the article for publication, acknowledges that the U.S. Government retains a
nonexclusive, paid-up, irrevocable, worldwide license to publish or reproduce the published form of this
work, or allow others to do so, for U.S. Government purposes.
 List of Acronyms and Abbreviations
AD: antidumping ETF: exchange traded fund Q: quarter
ac: alternating current GW: gigawatt q/q: quarter over quarter
ASP: average selling price GWh: gigawatt-hour R&D: research and development
BBB: U.S. Better Business Bureau H1: first half of year SEIA: Solar Energy Industries Association
BOS: balance of system H2: second half of year SREC: solar renewable energy certificate
BNEF: Bloomberg New Energy Finance HTS: harmonized tariff schedule TAN: Invesco Solar ETF
CAISO: California Independent System Operator IEA: International Energy Agency TOPCon: tunnel oxide passivated contact
CapEx: capital expenditures ILR: inverter loading ratio UFLPA: Uyghur Forced Labor Prevention Act
CESA: Clean Energy States Alliance IRA: Inflation Reduction Act USD: U.S. dollars
C&I: commercial and industrial IREC: Interstate Renewable Energy Council W: watt
CBP: U.S. Customs and Border Protection IRS: Internal Revenue Service WRO: withhold release order
CdTe: cadmium telluride ISO: independent system operator y/y: year over year
CPI: consumer price index ITC: investment tax credit YTD: year to date
CPUC: California Public Utilities Commission kW: kilowatt
c-Si: crystalline silicon kWh: kilowatt-hour
CSP: concentrating solar power LBNL: Lawrence Berkeley National Laboratory
CVD: countervailing mono c-Si: monocrystalline
dc: direct current MW: megawatt
DEWA: Dubai Electricity & Water Authority MWh: megawatt-hour
DNI: direct normal irradiance NEM: net energy metering
DOE: U.S. Department of Energy NREL: National Renewable Energy Laboratory
DSCR: debt service coverage ratio PPA: power purchase agreement
EIA: U.S. Energy Information Administration PTC: production tax credit
ERCOT: Electric Reliability Council of Texas PV: photovoltaics NREL | 60