US households will install a record amount of solar this year to help slash electricity bills, according to a BloombergNEF analysis.
Residential solar installations will increase by about 5.6 gigawatts in 2022, led by Florida, Texas, the Midwest and California, according to a BNEF report Monday.
Higher electricity prices and tax credit extensions in the Inflation Reduction Act are fueling the rebound in residential solar adoption. Consumers are taking ownership of their own power supplies in pursuit of cleaner energy and to reduce their reliance on grids that are becoming more vulnerable to blackouts caused by extreme weather, wildfires and drought.
“Despite supply chain challenges and higher costs, 2022 will be an absolute record year for residential solar in the US,” BNEF analyst Pol Lezcano wrote.
Households will add three times more solar this year than commercial customers and will continue to take the lead through 2030, BNEF data show.
© 2022 Bloomberg L.P.