Environment

Infographic: US Solar and Wind Power by the Numbers

Both solar and wind power installations were on the decline in Q1 2023 with supply chain bottlenecks and trade restrictions among the causes.

renewable energy icons
The solar energy sector is exiting a tumultuous period as the amount of capacity installed in 2022 fell 22% from the prior year amid supply chain bottlenecks, trade restrictions and phasing out renewable energy tax credits.
trinculo_photo/Getty Images/iStockphoto

New solar energy installations in the first quarter of 2023 fell 34% year-on-year, as reported by S&P Global Market Intelligence. However, activity is increasing with the passing of the Inflation Reduction Act in August 2022, which provided developers with a decade's worth of certainty that they can count on tax equity in raising cash for new solar energy farms.

Wind power also suffered a decline of 47% from the year-ago period, but the 5-year pipeline for wind power projects increased by 5% from the fourth quarter of 2022.

Learn more in S&P’s infographic.