The US solar boom is back on track

The recent decision by the Biden administration to waive tariffs on solar panels from Southeast Asia gave the industry a much-needed boost

The solar energy industry in the U.S. has grown rapidly over the last decade, second only to wind power. But supply chain issues, made worse by the tariffs on solar panels manufactured in Southeast Asia, have been pushing costs up for the U.S. solar industry. This month, President Biden announced the waiving of certain tariffs on solar imports, sending stocks soaring, and potentially giving the sector a game-changing boost.

U.S. solar energy production increased from 1.82 TWh in 2011 to a giant 163.7 TWh in 2021, with significantly more sectoral growth than any renewable source other than wind. Solar photovoltaic (PV) installed capacity is now enough to power around 22 million homes, with solar power accounting for 50 percent of all new electricity-generating capacity added in the first quarter of 2022.

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Source: Oil Price

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