2022年全球太阳能工业市场前景及投资研究报告英文版

Spring2022Solar

IndustryUpdateApril26,2022Agenda1

GlobalSolarDeployment2

U.S.

PV

Deployment3

PV

System

Pricing4

GlobalManufacturing5

ComponentPricing6

Market

Activity7

U.S.

PV

ImportsExecutive

SummaryGlobalSolar

DeploymentPVSystemandComponent

Pricing•In2021,

172

GWdc

ofPVcapacitywas

added

globally,

bringing

cumulative

capacityto939

GWdc.•Themediansystempriceofutility-owned

PVplantinstalled

in2021

was

$1.20/Wac($0.97/Wdc)—down

11%

y/yinWac

butup8%

inWdc.••China,thelargestmarket,installed

arecord55

GWdc

(309

GWdccumulative).•Themedianreportedprice

byEnergySageforresidential

PVsystemsdecreased2.5%

betweenthesecond

halfof2020

andthesecondhalfof2021

to$2.68/Wdcbutincreasedbetween

firstandsecondhalfof2021—the

firstreportedincreaseonrecord.Analystsproject

increasedannualglobalPVinstallations

overthenext4

years,withcontinuedgrowthinChina,theUnitedStates,

Europe,and

India.••In2021,

approximately250

MWofCSP

was

addedinChinaand

110

MWinChile.Anadditional

1.7

GW

ofCSP

iscurrentlyunderconstruction.GlobalManufacturing•In2021,

globalPVshipmentswereapproximately

194

GW

(95%

ofwhichweremonoc-Sitechnology)—anincreaseof47%

from2020.U.S.

PVDeployment•Over35

GWac

ofnew

installed

capacitywas

eitherfromrenewableenergy(18.6PV,14.0

GW

wind)orbatterytechnologies(3.4

GW)in2021,

surpassinglastyear’srecord.PValonerepresented44%

ofnewU.S.

electricgenerationcapacity.•In2021,

theUnitedStates

produceda

record4.8

GW

ofPVmodules,

up11%

y/y,mostly

as

aresultofa

25%

increaseinproductionbyFirstSolar.••••Solarstill

onlyrepresented8.0%

ofnetsummercapacityand

3.9%

ofannualgenerationin2021.U.S.

PVImports•OnFebruary4,2022,

Section201

tariffsoncrystalline

silicon

modules

and

cellswereextendedforanother

4years

at

just

below15%.

Bifacialmoduleswill

remainexemptas

will

bethefirst5GW

ofimported

cells.However,11

states

generated

morethan

6%

oftheirelectricity

fromsolar,withCalifornialeadingthewayat

25.0%.TheUnitedStates

installed

18.6

GWac

(23.6

GWdc)ofPVin2021,

endingtheyearwith92.5

GWac

(119.7

GWdc)ofcumulative

PVinstallations.•OnApril

1,2022,

based

ona

petition

fromAuxinSolar,theU.S.

DepartmentofCommerce(Commerce)

initiated

aninvestigation

into

whetherChinesecompaniesarecircumventing

antidumping

and

countervailing

dutiesbymanufacturingcellsandmodulesinSoutheast

Asiancountries.TheUnitedStates

installed

approximately10.6

GWh,3.6

GWac

ofenergystorageontotheelectric

gridin2021,

up197%

y/y.•23.6

GW

ofPVmodules

and

2.6

GW

ofPVcellswereimported

intotheUnitedStates

in2021,

77%

ofwhichcamefromMalaysia,Vietnam,Thailand,andCambodia.Alistofacronyms

andabbreviations

isavailable

attheendofthepresentation.Agenda•

From2010

to2021,

global

PVcapacityadditions

grewfrom17GWdc

to172

GWdc.1

GlobalSolarDeployment2

U.S.

PV

Deployment3

PV

System

Pricing4

GlobalManufacturing5

ComponentPricing6

Market

Activity–

At

theendof2021,

globalPV

installationsreached939

GWdc.•

In2021,

solarcontributed

30%tonewgeneration

capacityinChina(arecordof55GWdc)

and13%ofcumulativecapacity(309GWdc).–

China

installed

13.2GWdc

inQ12022,

a148%increase,y/y.•

Analysts

projectincreasedannualglobal

PVinstallationsoverthenext4years,

withcontinuedgrowthinChina,theUnited

States,Europe,andIndia.•

In2021,

approximately

250MWofCSPwasaddedinChinaand110MWinChile.7

U.S.

PV

Imports–

Anadditional

1.7

GW

of

CSPiscurrentlyunderconstruction.Global

Annual

PV

CapacityAdditionsby

Country•

From

2010

to

2021,

global

PV

capacityadditions18016014012010080grewfrom

17

GWdc

to

172

GWdc.RestofWorldRestofEuropeGermanyUnitedStatesIndia–

In2021,

global

PV

installs

increased

19%,y/y.–

The

total

cumulative

installed

capacityfor

PV

atthe

end

of

2021

reached

at

least

939

GWdc.•

European

marketsled

in

thebeginning

of

theJapandecade,

but

PV

growth

then

transitioned

to

Asia.China–

At

the

end

of

2021,

57%of

cumulative

PVinstallations

were

inAsia,21%were

in

Europe,and

16%were

in

the

Americas.60•

In2021,

thetop

10

countries

installed

74%of40global

installations.20–

At

least

20

countries

installed

more

than

1

GWof

PV,

and

15countries

now

have

more

than

10GW

of

cumulative

PV.02010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021Sources:IEA,Snapshot

ofGlobalPVMarkets:2022;

PVPSSnapshot

2020

and2021;

TrendsinPhotovoltaic

Applications

2019.•

China’sannual

PVinstallationsgrew14%

y/y

in2021,representingjustunderone-thirdofannual

globaldeployment.Top

PV

Markets•

In2021,

theUnitedStateshadthesecond-largestPVmarketintermsof

bothcumulativeandannualinstallations.•

Theleading

fivemarketsincumulativePV

installationsat

theendof2021

were

China,

theUnitedStates,Japan,India,andGermany.–

Braziljustbumped

Germanyoutofthetop

fivefor

annual–

TheEUwas

thesecond-largestmarket,with178.5GWdc

ofcumulativeinstallations(19%

ofglobal)and26.5

GWdc

annual

installations(15%

of

global)in2021.deployment.CumulativePV

Deployment,2021(939

GWdc)AnnualPV

Deployment,2021

(172

GWdc)3503002502001501005060

54.93095040302010031.323.613112014.4787813.060596.55.5

5.3

4.925234.6

4.2

3.42019170Note:

U.S.

numberswereadjusted

fromIEAdocument.Sources:IEA,Snapshot

ofGlobalPVMarkets:2022;

WoodMackenzie/SEIA:U.S.

SolarMarketInsight:2021

YIR.•

TheUnitedStates,despitebeing

aleadingPV

market,isbelow

thisaverageandotherleading

marketsintermsof

PV

generationasapercentageoftotal

countryelectricity

generation,with4%.Global

PV

Penetration–

IfCalifornia

were

acountry,itsPV

contribution•IEA

estimates

thatin2021,

5%

ofglobalelectricity

generationcamefromP

V.(25%)

wouldbethehighest.16%14%12%10%8%6%4%2%0%Source:IEA,Snapshot

ofGlobalPVMarkets:2022.Note:

IEAreportsthat

ChinareportssolarinWdc.ToalignChinesesolarnumberswithothergenerationsources,

andhowwerepresentU.S.

totalcapacityadditions,

weconvertedsolarvaluestoWac,

usingan

ILR

of1.25.ChineseGenerationCapacityAdditionsby

SourceSources:ChinaElectricCouncil,

accessed

(2017,

2018,

2019,

2020,

2021);

ChinaNationalEnergyAdministration

(1/28/22);

NASDAQ

(1/26/22);

WindPowerMonthly

(1/27/22);

BloombergNEF(1Q2022

GlobalPVMarketOutlook);

IEA,Snapshot

ofGlobalPVMarkets:2022.•

In2021,

solar

contributed26%

to

newgenerationcapacityinChina

(55

GWdc/~44

•

Theshareof

capacity

from

renewableshasincreasedGWac)

and13%

ofcumulativecapacity(309

GWdc/247

GWac).

asChina’stotal

electriccapacityhasgrown.––Solar

installed

in2021surpassed

theprevious

highof42GWac

setin2017.––China’s

capacity

grewby

119%from2011to2021.In2021,for

thefirsttime,moredistributed

solar

(53%)was

installed

thanutility-scale

solar(47%).Duringthesameperiod,thepercentageoftotal

coal

andgas

capacity

droppedfrom72%to56%.––Wind

and

solar

accounted

for

57%of

thecapacity

installed

in2021—thefifth

straight

yeartheycontributed

morethanhalf

of

capacity

additions.–Newnon-carbon

generationcapacity

as

apercentageoftotal

newcapacity

increasedfrom

39%to68%.Coal

andgas

deployment

has

remainedrelatively

flatoverthepast

11years

as

renewableshavegrown.AnnualCapacityAdditions(GWac)CumulativeCapacity(GWac)2,324247250200150100502,5002,2002032,0111911,9001402,0001,5001,0005001,777105SolarWindHydroOtherNuclearCoalandGasSolar1,65262164169441,52135142391,3791,2581,147Wind12111112

125

125

123

111281,06396Hydro84354224OtherNuclearCoalandGas00201120122013201420152016201720182019202020212011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021Sources:BloombergNEF(1Q

2022

GlobalPVMarketOutlook);

TaiyangNews(3/24/22);

PVMagazine(2/25/22)ChineseMarket

Update•

Utility-scalePV

ispoisedfor

growthin2022,

asprojectsdelayedin

2021

owing

to

high

equipment

costs

likelywillbebuilt

in2022,andmore

gigawatt-scale

“megaenergybases”arescheduled

for

construction.–

Chinainstalled

13.2

GWdcinQ12022,

a148%

increase,y/y.•

New

rooftop

PV

systems

willnotreceivesubsidies,butdistributedPVdeployment

willbeencouragedbyChina’ssmall-scale

PVbulkdevelopmentmodel,

risingcommercial

andindustrialelectricityprices,andnewenergy

consumption

control

policies.–

Distributed

PVgrowth

could

be

hamperedinthemediumtermbytheneedtoupgradedistribution

infrastructure.•

China’scentralgovernmentasked

state-ownedindependent

power

producers(IPPs)

inlate2021

to

achievearenewablescapacityshareof

50%

orhigher

by2025.–

IPPsmust

balancethisgoal

against

profitability

mandates,

which,inlightofhigherequipmentprices,likelywillresultin

variableprogresstowardtherenewablestarget.•

China’sgreenhydrogenandenergystoragegoals

complementrenewables-drivendecarbonization

goals.–

Chinaannouncedagoal

of

upto200,000

million

tons

ofhydrogenfromsolar

andwindannuallyby2025.–

StateGridCorporation

ofChina,whichoperates80%

of

China’selectricitygrids,announcedagoal

of100

GW

ofbatterystorage

and100GW

ofpumpedstorage

hydropowerby2030.Japanese

Market

Update•

Japaninstalledabout6.5

GWdc

ofPV

in2021—down

25%

from

arelatively

high-installation

year

in2020—resulting

inabout78

GWdc

ofcumulativecapacity.Japan’s

AnnualPV

CapacityAdditions(GWdc)12108•

AchievingJapan’s

goalofcarbonneutrality

by2050

may

require370GWdc

ofPV

by2050.–

Inlate2021,

Japanraiseditstargetforrenewable

electricitygenerationin2030

from22%–24%

to36%–38%,

whichisprojectedtoincludeabout

108GWdcofPV

by2030.64–

BecauseofscarcelandandthedifficultyofdeployingPV

on

earthquake-proofresidences,deploymenttargets

includewaterbodies,

governmentandcommercialbuildings,

carparks,andfarms.202015201620172018201920202021•

Japanproposedmodest

feed-intariff

levels

for

2022

of

$0.15/kWh

forsystems

<10

kW,

$0.096/kWh

for

10–50

kWsystems,

and$0.087/kWhfor

50–250

kWsystems–

Theselevelswillnot

makePVprofitableatcurrentconstructioncosts,whichmayresultinonly3GW

beinginstalled

in2022,

said

oneanalyst.Sources:BloombergNEF(1Q2022

GlobalPVMarketOutlook);

PVMagazine(7/23/21,

2/24/22);

InternationalRenewableEnergyAgency(SolarEnergyData,

3/4/22);TaiyangNews

(12/21/21,

12/22/21);

PVTech(7/7/21,

10/25/21).

Photo(Panoramicviewofa

1.5

MWdcfloatingsolarsysteminJapan,

2017)

byAdamWarren/NREL.IndianMarket

Update•

After

apandemic-driven

decline

to

3.2GWac

in2020,

India’s

solar

deployment

surged

210%to

anall-time

high

of10GWac

in2021.India'sAnnualPV

CapacityAdditions

(GWdc)1412108–

Projects

delayedin

2020

fueled2021

growth.–

Large-scaleprojectsaccountedfor

83%

of

2021installationsandrooftop

systems

accountedfor

17%

ofthem.6–

Solarmadeup62%

of

total

newelectricgeneration4capacityinstalled.2•

At

year-end

2021,

cumulative

solar

installationsreached

49GWac,

whichisequivalent

to

12%oftotal

powercapacity

and32%

of

renewablecapacity.0•

Thelarge-scale

solar

pipeline

totaled

53GWac.Sources:BloombergNEF(1Q2022

GlobalPVMarketOutlook);

MercomIndiaResearch

(Q4

&Annual2021IndiaSolarMarketUpdate);PVMagazine(2/28/22).•

India’s

2021

growthoccurreddespiterisingcosts.IndianMarket

Update–

inQ42021,

large-scale

PV

projectpricesrose

21.6%androoftop

PV

pricesrose

14.8%

y/y.–

Importedmodulepricesrose

14%

in2021.2000180016001400120010008000.350.3•

Moduleimportsacceleratedto

exploitan8-monthzero-import-taxperiodthatbeganinAugust2021,

ahead

of

abasiccustoms

duty—40%for

modules,

25%

for

cells—starting

inApril2022.ModuleImports(MWdc)•

Concernshavebeen

raisedabouttheimpactsof

abasiccustoms

duty

on

priceandavailabilitydelayingPVprojects.ModuleImportPrice,ExcludingTax

($/Wdc)0.250.2•

India’s

ApprovedListofModels

andManufacturersismeantto

boost

domestic

modulemanufacturing

byconstrainingimportsover

time.600400200•

A

$3.2

billion,5-year

subsidyprogramisstimulatingIndian

polysilicon,

wafer,

cell,andmoduleproduction.BNEFestimates

thatmoduleandcellproductioncapacitycouldreach36

and18

GW

byendof

2023.00.15Sources:BloombergNEF(1H2022

IndiaRenewablesMarketOutlook);

PVTech(3/9/22,

3/11/22);PVMagazine(3/15/22).EuropeandRussia

DependonEach

OtherDueto

Energy•

In2019,

more

than

halfofRussia’s

exports

was

fuel.•

Most

oftheenergyRussiaexports

goes

to

Europe.Selected

energy

exports

from

Russia

(2021)rest

ofworldOECD

EuropeAsia

and

Oceaniacrude

oil

andcondensate4.7

million–

Energyaccountedfor

nearlytwo-thirdsofEU’simportsfrom

Russiain2021

and40%

ofEurope’s

naturalgas

comes

from

Russia.49%13%38%barrels

per

daynatural

gas8.9

trillioncubic

feet

per

year•

Approximately

1/3ofEU

natural

gas

consumption

isusedforelectricity,another

1/3isusedforresidential

andcommercial

buildings,

and27%goestoindustry.74%13%13%coal262

millionshort

tons

per

year32%15%53%–

Germanyisparticularlydependent

onRussia,withhalfof

itsnaturalgas

andcoal

comingfromRussia.–

Incontrast,

8%

ofU.S.

importedoil,

or2%

ofsupply,comes

from

Russia.Sources:APNews

(11/17/21);

EIA(03/14/22);

EuroNews

(02/25/22);

NBC

News

(03/09/22);

Reuters(02/28/22,

03/07/22);WorldBank.Russian

Invasionof

UkrainePrompts

Changesto

EuropeanEnergyMix•

LNG,withtheUnitedStatesbeingakey

supplier,isanessential

elementoftheplan,butintheshorttermtherearelimitationsto

LNGexport(U.S.)

andimportfacilities.•

Theplancalls

for

doubling

solar

andwindcapacityby2025andtripling

itby2030—the

equivalent

of

deploying

480GW

of

windand420

GW

ofsolar

capacityandincreasingaveragedeployment

rate

20%.•

OnMarch8,

2022,

TheEuropean

Commission

releasedaplanto

cutRussiangas

importsbytwo-thirdsin2022

andalloil,

gas,

andcoalby2027.–

Halfthe2022

cutswillcome

from

importsfromelsewhere,andtherestwillrelyonrenewableenergydeployment

andbehavioralenergysavings.–

Italso

callsfor12–15

GWofadditional

rooftop

solardemandin2022,

whichisroughlydoubleBNEF’scurrentforecast.–

Green

hydrogenandelectrification

(e.g.,heatpumps)willalso

encouragesolaradoption.EU

Targets

for

Russian

Gas

Imports

to

be

Displaced

in

2022

by

Sectoral

Targets–

There

isalso

aproposal

totemporarilyallowstatestorecoup“windfall”profits

fromwindand

solar

operators

tolowerenergy

coststo

consumers.Russian

importedgas

tobedisplacedLNGdiversification•

SwitchingfromRussiannaturalgas

intheshorttermmayincreasecoal

andnuclear

production,

particularlyinGermany,whichhadplannedtophasenuclear

outby2022andcoal

by2030.Wind

andsolarBehavioralenergy

savingPipelineimportdiversificationBiomethaneproductionHeatpump

adoption–

Also,

Germanyreleasedaplaninlate

February

to

get100%

ofitselectricity

fromrenewablesby2035.Source:

BNEF,

“EuropePlansBreakfromRussianGas;European

Commission

(03/08/22);Reuters

(02/28/22).AnnualGlobal

PV

Demand•

About172

GWdc

ofPV

were

installedgloballyin2021.•

Analystsprojectcontinuedincreasesinannual

globalPVinstallations,withthegrowthrate

slowing

over

time.35030025020015010050–

218

GWdc

in2022

(27%

y/y

growth)–

253

GWdc

in2023

(16%)–

282

GWdc

in2024

(11%)–

303

GWdc

in2025

(8%)•

Among

analystswhoupdatedglobalprojectionssincelastquarter,globalestimates

increasedsignificantly(e.g.,by12%–21%

in2025).•

China,

Europe,theUnitedStates,

andIndiaareprojectedto

accountfor

abouttwo-thirdsof

globalPV

installationsover

thisperiod.0202020212022P2023P2024P2025PEuropeU.S.IndiaRestofWorldChina•

ProjectedU.S.

deployment

growthisrelativelystagnantduring

thisperiod,declining

in2022,

growingin2023,

andthendeclining

againin2024

and2025.Notes:P=projection.Bars

representsmedianprojectionsforcountry-level

estimates.Errorbarsrepresenthighandlowprojections.Not

allsourceshavedata

forallcategories.Sources:BNEF,

1Q

2022

GlobalPVMarketOutlook,

3/1/22;

GoldmanSachs

Equity

Research,

AmericasCleanTechnology:Solar2021

Outlook,

01/09/22;

GoldmanSachs

EquityResearch,

AmericasCleanTechnology:Solar,AssessingtheImpact

ofVolatile

Macro-Oil,

Commodities

&EUin

Focus,RaiseDemandViewThru2025,

3/29/22;

WoodMackenzieandSEIA'sUSSolarMarketInsight,2021

Year

inReview,3/22;

U.S.

EnergyInformationAdministration,

AnnualEnergyOutlook,

3/3/22;

IEA,Snapshot

ofGlobalPVMarkets:2022.••At

the

endof2021,

global

CSPcapacityreached

approximately

6.6GW.CurrentGlobal

CSPCapacityCumulative

global

CSPinstallations

were76543210almost

six

times

higher

in2021

than

in2010.–

Initially

most

ofthegrowthcame

from

Spain

(first-largest)andtheUnitedStates(second-largest).OtherUAE•

From2015

to

2021,

2.6GW

ofCSPwasinstalled

inother

parts

oftheworld,SouthAfricaMoroccoIsraelIndiaparticularly

the

Middle

East,

NorthAfrica,SouthAfrica,andChina.–

Therewas

also

developmentinotherpartsoftheworld,suchasIndiaandSouthAmerica.ChinaChileSpainUSA•In2021,

250MW

of

CSPstarted

operation

inChina

and110MW

began

inChile.–

Allprojectsusedpower

tower

technology.–

Moltensalt

storage

durationsrangedfrom8hoursto

17.5

hours.Sources:TheWorldBank(2021);

Ren21

(2021);

NREL.Global

CSPPipeline•

Approximately

1.7GWofCSPiscurrently

underconstruction

in

four

countries,

using

amix

oftrough

andtower

technology.ProjectsUnderConstruction0.80.70.60.50.40.30.20.10.0ParabolicTroughTower–

Theprojects

all

have

5–15

hours

ofthermalenergy

storage.•

Inaddition

to

these

projects,

another

~10GW

ofCSPisinsomestage

ofdevelopment,

though

itsprospects

ofreaching

commercialoperation

areunclear.–

Many

ofthese

projects

are

inChile,

China,

theChinaMoroccoSouthAfricaUAEMiddle

East,

andSouth

Africa.Note:

Timelines

varybythecircumstances

ofindividual

CSPprojects,

buteach

step

can

taketwoyears,orsixyears

intotal.Sources:TheWorldBank(2021);

HeliosCSP

(02/28/22,

03/24/22,

04/07/22);

BNEF,

“Capacity&Generation”data

set,accessed

March1,2022.Using

CSP

forIndustrialProcessHeat•

IntheUnitedStates,

there

havebeenrecent

additions(e.g.,2.3

MWthsolarsteamboilerfor

almond

pasteurizationinCalifornia

and

solarwater

heatinginNew

York).•

InSpain,

companiesbuiltapilotplantto

producecement

using

directsolarheatinsteadoffossil

fuels.Cementisoneofthemostcarbon-intensiveindustries,globally.•

AnAustralianoilandgasproducer

purchased5MWe

ofHeliogenequipment

for

ademonstration

project

intheMojaveDesert,

withtheaim

ofproducing

greenhydrogen,aiding

inoiland

gasextraction,orproducingelectricityinAustraliaandelsewhere.•

In2021,

PVrepresentedapproximately

44%ofnewU.S.Agendaelectric

generationcapacity,

comparedto4%in2010.–

Over

35

GWac

of

newinstalledcapacitywas

either

from

renewableenergy

orbatterytechnologiesin2021,

surpassinglastyear’srecord.1

GlobalSolar

Deployment2

U.S.

PV

Deployment3

PV

System

Pricing4

GlobalManufacturing5

ComponentPricing6

Market

Activity•

Solarstill

represented

only8.0%

ofnetsummercapacityand3.9%

ofannualgenerationin2021.–

However,

11states

generated

morethan

6%oftheirelectricity

from

solar,

with

California

leading

theway

at25.0%.•

The

United

Statesinstalled

18.6

GWac

(23.6GWdc)

ofPVin2021,

endingtheyearwith92.5

GWac

(119.7

GWdc)

ofcumulativePVinstallations.•

The

United

States

installed

approximately

10.6

GWh,

3.6GWac

ofenergystorage

ontotheelectric

gridin2021,

up197%

y/y.7

U.S.

PV

ImportsQ42021/Q1

2022State

UpdatesMany

statestookactions

related

todistributedgenerationcompensation

policies,includingconsidering

changes

tocredit

rates,thecreation

of

netmetering

successor

tariffs,

andtheimplementation

of

rebates.Some

statesarealsoworkingtocalculate

the

exactvalue

of

solar

orDG,whileothersare

assessing

thecostsandbenefitsof

theirexistingnetmetering

rules.Aworkinggroupformedbythe

MichiganPublic

ServiceCommission

releaseditsfinal

report,which

identified

threepotential

ratedesigns

fordistributedenergyresources.Pedernales

ElectricCooperativeapproved

changes

toitsnetmeteringrates,following

thereleaseofitsvalue

of

solar

study.

Idaho

andTheIndiana

CourtofAppeals

found

thatVectren’s

recentlyapproved

netmeteringsuccessor

tariff

utilizinginstantaneous

nettingisinconflict

withIndiana’sdistributed

generationstatute.Maryland

alsobeganstudies

into

thevalue/cost

of

DER.DCDuke

EnergyCarolinas

and

Duke

EnergyProgressproposed

revisednetmeteringtariffsinNorthCarolina.

And

MississippiPublicServiceCommission

releasedproposed

netmeteringrulerevisions.

Thesproposals

includevarious

solar

rebateprograms(including

low-incomeprograms).As

partofaNovember2021decision

inArizonaPublic

Service’sgeneralratecase,theArizona

Corporation

Commissionremovedtheutility’s

existinggridaccess

chargefor

distributed

solarcustomersparticipating

intheTOU-E

tariff

(time-of-use

rateswithnodemand

charges).InMarch

2022,TheFloridaLegislaturepassed

HouseBill

741which,

startingin2023,would

regresspayments

tosolar

customersfromaretail

ratetothe“avoided

cost”totheutility

by2029.Thebill

also

allows

forfixedchargesfor

gridconnectedsolarcustomersstartingin2026.InApril,

thegovernorvetoedthebill,

citingthe“financialcrunch”

itwould

haveputonpeople

inthestate.Source:MeisterConsultants

Group,50

StatesofSolar:

Net

MeteringQuarterlyUpdate(Q4

2021,

Q1

2022),

pvmagazine:

FloridaHouseBill

741.NewU.S.

CapacityAdditions,2010–2021•

In2021,

PV

represented

approximately

44%ofnewU.S.electricgeneration

capacity

(31%UPV,13%DPV),

compared

to

4%in2010.UPV

DPV

CSP

Batteries

Wind

Nuclear

Other

Naturalgas–

Wind

represented

33%of

added

capacity.45403530252015105–

Since

2017,

PV

has

representedapproximately

35%of

newelectricgeneration

capacity.•

Over35

GWac

of

newinstalled

capacitywaseitherfrom

renewable

energyorbatterytechnologies

in2021,

surpassing

last

year’srecord

and

nearlymatching

the

total

U.S.capacityadditions

in

2020

and

2018.•

Combined

withwind,77%of

allnewcapacityin

2021

came

from

renewable

sources.02010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021•

Battery

installations

jumped

by

afactor

of

5from

2020

to

2021;

itnow

represents

8%ofcapacityadditions.Note:

“Other”includescoal,geothermal,landfill

gas,

biomassand

petroleum.

DPV=DistributedPV;UPV=Utility-scale

PVSources:EIA,“ElectricPowerMonthly”

Tables6.1,

6.2B,

1.1,

1.1A;

Forms860M

&861M.

April

2022.2021

U.S.

Generation

andCapacity•

Solarstillrepresents

asmall

but

growingpercentage

of

theU.S.electricgeneration

mix.–

In

2021,

solar

represented

8.0%of

netsummer

capacityand

3.9%of

annualgeneration.•

Renewables

are

becoming

anincreasingly

large

partofthe

U.S.electricgeneration

mix,representing

27%

of

capacityand

21%

ofgeneration

in2021.•Capacityisnotproportional

to

generation,