sungold solar

Solar market predictions:What the inflation reduction act means for you

The U.S. solar industry has grown rapidly over the past decade. This growth is actually one of the most compelling economic growth stories in the entire U.S. economy. However, the “Covid era” has hit solar hard, and it has struggled to get back on track.

The U.S. Senate passed the Reducing Inflation Act, technically known as H.R. 5376 – Reducing Inflation Act of 2022. The document covers a wide range of topics, including healthcare, corporate taxes, IRS personnel, and of course, energy-related legislation.

The Reducing Inflation Act has provided a much-needed boost to the global solar industry, with commercial solar’s share of the overall commercial electricity market rising from 0.6% to 1.1% since 2018. So it is clear that the wider commercial electricity market has been hit the hardest, with the commercial solar PV market performing better than normal.

From 2025, the investment tax credit will be phased out and converted to a broader, technology-agnostic credit that applies not only to solar but also to many emission reduction technologies.

In the Reducing Inflation Act,the United States is expected to gradually ease strict restrictions on imported photovoltaic products. The United States has a strong desire to transform energy, and the development of photovoltaic investment is an important part; products are dependent on imports;

The “carbon neutrality” goal and energy transition in the United States continue to advance, and the development of photovoltaics is expected to accelerate. As the world’s leading off-grid solar panel supplier integrating R&D, production, sales and service in China, sungold hopes to continue to benefit. At the same time, the new energy industry will also usher in a golden period of development.

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