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A Comprehensive Overview of 2023 Solar Industry Facts and Statistics

As the winding road of renewable energy nears the high-speed energy transition straightaway, solar remains a bright and shining beacon, influencing energy markets and guiding the global community toward a green energy future. Consistent solar tech innovations continue to curb costs while an ever-expanding environmental empathy emboldens an international eagerness to go green. 

To shed more light on industry growth, trends, and potential, let’s further examine the top 2023 solar industry facts and statistics.

Global Solar Capacity Growth

2023 is poised to be a record year for worldwide expansion of solar power. According to the Department of Energy (DOE), the US ranked 2nd in 2022 annual installations — just behind China who saw a 57 percent increase, accounting for 42 percent of global demand. 

DOE 2023 projections expect annual installations to grow in excess of 300 gigawatts (GW) with an additional 100 GW increase in the next two years.

Solar panel plant. Sustainable renewable power energy.

Declining Costs and Increased Efficiency

Notable advancements and innovations in solar technology continue to spur on expansion and drive down costs. There has been an observable 10 percent decrease annually in the average cost of solar plant construction with a cumulative 75 percent decrease since 2010. 

US residential solar costs in 2023 are expected to be around $30,000 less than in 2013 — a whopping 60 percent drop in only a decade!

Solar Job Market Growth

The solar industry’s rapid expansion has led to a global surge in solar job opportunities. The Bureau of Labor Statistics (BLS) estimated a 27 percent growth in solar photovoltaic (PV) installer jobs between 2021 and 2031, which comes to a 10-year average of 2,500 solar panel installer openings per year.

Solar Tech Innovations

Super cool innovations in solar just keep coming, and 2023 is primed to premier some awesome technological advancements that will continue to foster industry expansion. Increasing integration of solar power with energy storage solutions is something to keep an eye out for. Solar batteries are becoming vastly more efficient, and with states like California cutting the value of net metering credits by 75 percent, reducing reliance on the power grid through home battery storage is gaining in popularity among homeowners.

solar power plant on plateau

Solar Synergy

Solar energy and electrification will gain a stronger foothold in renewable energy markets as increased electric vehicle (EV) production drives the need for solar-powered EV charging infrastructure. 

Though much of EV charging is done at home, there is a growing need for public charging stations, and the global solar-powered EV charging stations market size is expecting a 7 percent compound average growth rate (CARG) over the next six years.

Solar panel installer installing solar panels on roof of warehouse

What’s Your Next Move?

After assessing all that solar has to offer, and realizing that industry experts like Gurr Brothers Energy are at your fingertips, I’d say it’s time to hop on the solar panel installation wagon this year. Don’t miss out on 2023 incentives and innovations. Give the Gurr Brothers a call and go solar ASAP!

June 16, 2023

Author: Hunter S.

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