- The report analyzed empirical data from the U.S. fleet of ground-mounted PV, PV+battery, and CSP plants greater than 5 MWAC.
- The focus was primarily on 2022 developments but also delves into trends in various areas of the solar industry.
- In 2022, a significant 10.4 GWAC of new utility-scale PV capacity was added. This addition means the total installed capacity now stands at 61.7 GWAC spread across 46 states.
- A vast majority (94%) of the new utility-scale PV capacity in 2022 employed single-axis tracking technology.
- There was a noticeable drop in median installed project costs, reaching $1.32/WAC (or $1.07/WDC) in 2022.
- Plant-level capacity factors showed considerable variation, ranging from 9% to 35% on an AC basis. The sample median was determined to be 24%, and the report delved into the causes behind this disparity.
- The LCOE for utility-scale PV dropped to $39/MWh in 2022. Factoring in the federal investment tax credit (ITC) brings this down further to $29/MWh.
- While PPA prices have historically tracked the declining LCOE of solar, recent times have seen them stagnate or even inch upwards. Current contract sample prices hover around $20-30/MWh in the West and $30-40/MWh in other parts of the continental US.
- The average market value for solar surged by 40% in 2022, reaching $71/MWh. This value was higher than the average wholesale prices in 4 out of the 7 ISOs/RTOs and in 11 out of the 18 other balancing authorities that were examined.
- Integrating battery storage is emerging as a strategy to boost the value derived from solar. The report’s public data file presents details on approximately 100 PV+battery hybrid projects that are either operational or have secured offtake arrangements.
- By the close of 2022, the interconnection queues nationwide had at least 947 GW of utility-scale solar power capacity waiting. Out of this, a significant 456 GW comprised battery-inclusive projects.
