The amount of sunlight that strikes the earth’s surface in an hour and a half is enough to handle the entire world’s energy consumption for a full year. Solar technologies convert sunlight into electrical energy either through photovoltaic (PV) panels or through mirrors that concentrate solar radiation. This energy can be used to generate electricity or be stored in batteries or thermal storage. Solar energy systems come in all shapes and sizes. Residential systems are found on rooftops across the United States, and businesses are also opting to install solar panels. Utility companies are building large solar power plants to provide energy to all customers connected to the grid.
In the United States alone, 4.6 gigawatts (GW) of solar PV capacity was installed in Q2 2022 pushing the total installed capacity to 130.9 GW, enough to power 23 million American homes. Solar accounted for 39% of all new electricity-generating capacity added in the U.S. Residential solar had its largest quarter in history with 1.36 GW installed, setting its fifth-straight quarterly record. Utility-scale solar installations reached 2.7 GW, a 25% decrease over the same quarter last year, as the industry continued to weather supply chain challenges and trade disruptions. Bottom line? The industry continues to grow.
