Arizona on Track for Impressive Solar Industry Growth, Report says

Article originally posted on Phoenix Business Journal on June 12, 2023

The solar energy sector continues to gain strength in Arizona, with robust growth anticipated in the coming years, according to a new industry report.

That outlook comes along with good news for the sector nationwide, according to the US Solar Market Insight Q2 2023 report released recently by the Solar Energy Industries Association and Wood Mackenzie, using data gleaned from the first three months of the year through March.

The latest data shows that the industry had its best first quarter ever, with 6.1 gigawatts of solar capacity added nationwide.

In Arizona, 6,457 megawatts of capacity was added to the grid during Q1, giving the state a No. 5 ranking in the nation for total megawatts installed, at 6,457 MW. The report projects that Arizona will rank No. 4 five years from now, with 10,651 MW installed by 2028.

Right now, solar makes up 9.82% of Arizona’s electricity, with enough capacity to power 984,047 homes. In 2022, $1.5 billion was invested into solar, helping to bring the total value of the solar market in the state to $16.5 billion.

The price for solar installation has continued to go down as well, and in Arizona it’s 54% lower than it was a decade ago, according to the report.

Currently, 368 solar companies operate in Arizona, the report found — with 76 manufacturers, 171 installers/developers and 121 other companies. Those businesses account for 8,278 jobs in the state.

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