U.S. Solar Supply Chain: Business Implications From U.S. Government Actions Against China

March 1, 2021

Photovoltaic (PV) solar continues its steep growth trajectory, with U.S. solar forecast to grow approximately 44% year-over-year in 2020 to over 19 GWdc of total installed solar (implying ~8 GWdc came online in 4Q20). We anticipate better than expected growth in U.S. solar relative to prior forecasts, underpinned by the new Biden administration, an effective Democratic majority in the Senate, and the solar ITC extension included in the Consolidated Appropriations Act (CAA) passed by Congress in December 2020. Ongoing cost declines and efficiency improvements have lowered barriers to deployment.