By 2028, the US could be looking at an installed solar power capacity of 174.7 GW, also thanks to the current registered capacity of 78.63 GW solar in the Midwest US, says Fitch Solutions Macro Research. (Source: Fitch Solutions Macro Research)
- A report by Fitch Solutions Macro Research expects the US solar market to add 100 GW of capacity over the next decade
- The reason for this hope is 78.63 GW capacity currently registered with the Midwest US RTOs and ISOs
- Even if some of these projects don’t materialize, the authors of the report anticipate a substantial amount coming online over next five years
- Major drivers for this anticipated growth in solar comprise renewable energy targets by states and utilities, community solar programs, improvements in solar technology and of course competitive prices for solar projects
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The US Midwest region, comprising 12 states within Great Lakes and Plains regions, is expected to witness major growth in its solar power capacity contributing to 100 GW of solar power capacity additions over the next 10 years, according to the report Midwest US Set To Experience Strong Growth In Solar Sector by Fitch Solutions Macro Research.
The research firm bases its forecast for this capacity addition on 78.63 GW solar capacity registered with independent system operators (ISO) and regional transmission organizations (RTO) such as MISO, PJM and SPP for Midwest US in the form of 546 utility scale solar projects. All these projects are at active stages of development within the generation interconnection queues. Thanks to this, Fitch Solutions researchers forecast solar power capacity in the US to grow from 74.88 GW in 2019 to 174.7 GW in 2028.
Referring to the Midwest US registered project pipeline, the report’s authors say, “We note that while many of these projects will not be constructed, we still expect a substantial amount of capacity to come online in the next five years, contributing to our overall positive outlook for the US solar sector.”
The key drivers for this uptake in solar in the Midwest are renewable energy targets by cities, states and utilities, improvements in solar technology, adoption of community solar programs and increasingly competitive prices for solar projects. Very recently, Indiana utility issued a tender seeking proposals for 2.3 GW of solar or solar among other resources (see Indiana Utility Seeking Solar/Wind/Storage Capacity).
The Midwest regions includes Indiana, Ohio, Illinois, Michigan. Missouri, Kansas, Wisconsin, Minnesota, Nebraska, North Dakota, and South Dakota.
The Q3/2019 US Solar Market Insight report by Wood Mackenzie Power and Renewables and Solar Energy Industries Association (SEIA) released in September 2019 forecasts the country to add 12.6 GW of new installations in 2019 and annual installations to reach 17.6 GW by 2021 (see US Added 2.1 GW New Solar PV Capacity In Q2/2019).