Industry News
The scale of public utilities in the United States will double the installed capacity of photovoltaics in 2023
Lawrence Berkeley National Laboratory (LNBL) reported that by the end of 2022, the cumulative installed capacity of utility scale photovoltaic systems in the United States had reached 61.GW. Texas has the largest new installed capacity, reaching 2.5GW, followed closely by California (2.1GW), Virginia (0.6 GW), and Georgia (0.5 GW).
In 2022, single axis photovoltaic tracking brackets remained the common installation method for photovoltaic systems in the United States. 94% of newly added utility scale photovoltaic systems in 2022 used this installation method, while the remaining photovoltaic systems were installed on fixed inclined brackets.
The installation cost of utility scale photovoltaic systems will continue to decline in 2022, with a median installation cost of $1.32/W. Despite facing inflationary pressures, there has still been a decline. Since 2010, the installation cost of utility scale photovoltaic systems has decreased by 78%, with an average annual decrease of 10%.
The cost per kilowatt hour (LCOE) of utility scale photovoltaic systems has also decreased in 2022, reaching an average of $39/MWh. Lawrence Berkeley National Laboratory (LNBL) stated that since 2010, the average cost per kilowatt hour of utility scale photovoltaic systems has decreased by approximately 84%, with an annual decrease of 14%. This is driven by factors such as lower capital costs and improved project capabilities.
In 2022, the average price of utility scale photovoltaic system power procurement agreements (PPAs) in the United States was $25/MWh. As time goes by, its price largely decreases with the decrease in electricity cost.
The continuously rising wholesale electricity prices have increased the average market value of utility scale photovoltaic systems by 40% in 2022, reaching 71 US dollars/MWh. Lawrence Berkeley National Laboratory (LNBL) stated that among the states in the United States, the average market value of photovoltaic systems served by grid operator CAISO is the lowest ($51/MWh), while Duke Energy's service area in Florida is the highest ($108/MWh).
Hybrid deployment projects, including battery energy storage systems, are also increasing. In 2022, a total of 35 projects in the United States were put into commercial operation, including 3.6GW photovoltaic systems and 1.8GW/5.4GWh battery energy storage systems.
Looking ahead to the future, a large number of utility scale photovoltaic systems are waiting for grid connection approval across the United States. By the end of 2022, at least 947GW of photovoltaic systems are waiting to be connected to the grid. And nearly half (approximately 457GW) will be installed in conjunction with battery energy storage systems.
Lawrence Berkeley National Laboratory (LNBL) stated that although the passage of the Inflation Reduction Act has excited photovoltaic industry manufacturers, its benefits have not yet been realized.
Despite this, 2023 will become the strongest year on record for the US utility scale photovoltaic market, as it has increased by 8.6GW in the first eight months, 30% higher than the record set in the first eight months of 2021. According to the US Energy Information Administration's (EIA) forecast for the fourth quarter of 2023, the newly added utility scale photovoltaic system installed capacity in 2023 may exceed 24GW by the end of this year.
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