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The U.S. solar manufacturing sector saw a record addition of 9.3 gigawatts of solar module capacity in Q3 2024, driven by federal policies and private investments. Five factories were expanded across Alabama, Florida, Ohio, and Texas, marking a significant shift towards domestic production. The country added 8.6 gigawatts of solar power capacity, with Texas leading the way, and predictions suggest over 40 gigawatts will be added in 2024, contributing to a projected 450 gigawatts by 2029.
US corporations are significantly investing in solar and energy storage, with Meta leading in solar capacity and Google in energy storage. The Solar Energy Industries Association reports nearly 40 GW of solar capacity and over 1.8 GWh of storage installed by companies like Amazon, Target, and General Motors, driven by incentives from the Inflation Reduction Act.
The US Department of the Treasury has finalized rules for the Advanced Manufacturing Production Tax Credit under Section 45X, enhancing support for solar and energy storage manufacturers. This initiative aims to boost domestic production across the supply chain, creating jobs and economic growth while promoting energy independence. The Inflation Reduction Act is recognized as a significant driver for US manufacturing and the reshoring of blue-collar jobs, reinforcing the connection between environmental policies and economic prosperity.
The Biden-Harris administration's policies, including the Inflation Reduction Act and the CHIPS Act, are driving a manufacturing boom in the U.S., particularly in the solar industry. The Department of the Treasury confirmed that solar ingot and wafer production facilities qualify for a 25% investment tax credit, aiming to establish domestic production capabilities. This initiative addresses critical supply chain gaps and is expected to create jobs while enhancing energy independence.
Abigail Ross Hopper
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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