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					</table><p>Solar installations in the United States grew 47% year-over-year (YoY) to 6.1 GW during the first quarter (Q1) of 2023, recording the best initial quarter for the country’s solar sector in terms of new installations.</p>
<p>According to U.S. Solar Market Insight Q2 2023, released jointly by the Solar Energy Industries Association (<a href="https://www.seia.org/" target="_blank" rel="noopener">SEIA</a>) and <a href="https://www.woodmac.com/" target="_blank" rel="noopener">Wood Mackenzie</a>, the growth in installations was significantly driven by a higher demand created through the Inflation Reduction Act (IRA) and increased utility-scale solar installations.</p>
<p>However, installations fell 19% from Q4, 2022.</p>
<p>The utility-scale solar market <a href="https://www.mercomindia.com/us-installed-3-9-gw-solar-capacity-q1-2022" target="_blank" rel="noopener">recovered</a> from slower installations in Q1 2022 and achieved record installations of 3.8 GW during Q1 2023, up 66% YoY.</p>
<p>The solar sector alone accounted for 54% of all new power-generating capacity added to the country’s grid during the quarter.</p>
<p><strong>Module Imports Ease</strong></p>
<p>Owing to more clarity on IRA’s new credits that can be used in conjunction with the Solar Investment Tax Credit (ITC), more module importers were able to meet the documentation needs under the Uyghur Forced Labor Prevention Act, which eased the solar equipment supply chain.</p>
<p>SEIA President and CEO Abigail Ross Hopper said, “As IRA begins to flex its muscle and drive demand, the U.S. solar and storage industry is eagerly awaiting further guidance on some of the most impactful pieces of the law. Timely, specific, and workable implementation guidance from the administration will have a major impact on our success in both the near and long term.”</p>
<p>Delayed projects which awaited raw materials and equipment were able to transport the equipment to the project sites for the works to pick up the pace.</p>
<p>Florida stood out as the top-ranked solar market during Q1 2023 with 1.6 GW of new solar capacity additions. It installed 72% more solar capacity than California, which installed 951 MW, grabbing the second position.</p>
<p>Florida was also ranked first for utility-scale solar installations totaling 1.46 GW during Q1.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-55112 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/06/Picture2-2.png" alt="" width="602" height="417" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/06/Picture2-2.png 602w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/06/Picture2-2-300x208.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/06/Picture2-2-600x416.png 600w" sizes="(max-width: 602px) 100vw, 602px" /></p>
<p><strong>Residential and commercial solar</strong></p>
<p>The residential segment added 1.6 GW of new solar capacity in Q1 2023, a 30% increase from the same period last year.</p>
<p>Wood Mackenzie projects that third-party-owned systems will begin to qualify for the ITC adders, and the overall segment will benefit from the IRA at this time, resulting in 12% growth for all states other than California.</p>
<p>Owing to easing supply chain constraints, the commercial segment installed 391 MW of new solar capacity in Q1, up 27% YoY. The report further projects a 13% growth in the commercial solar market in the U.S. in 2024.</p>
<p>Driven by the ITC tax credit under the IRA, the national commercial solar growth is expected to reach 11% in 2027 and 14% in 2028 as growth picks up in emerging markets.</p>
<p><strong>Community solar</strong></p>
<p>Community solar installations declined 13% YoY in Q1 2023, resulting in the lowest quarter of new capacity additions since Q1 2021.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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In the Best Quarter Ever, US Solar Installations Grow 47% YoY to 6.1 GW


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					</table><p>U.S.-based energy firm <a href="https://www.nexteraenergy.com/" target="_blank" rel="noopener">NextEra Energy</a> posted a profit of $2.09 billion for the first quarter (Q1) of the financial year (FY) 2023 against a loss of $451 million in Q1 FY 2022.</p>
<p>NextEra Energy is a holding company for a regulated retail utility (the combined Florida Power &amp; Light (FPL) and Gulf Power that together have about six million customer accounts and an unregulated generation subsidiary, NextEra Energy Resources, which generates clean energy from solar, wind, and nuclear power.</p>
<p>During Q1, Florida Power &amp; Light commissioned approximately 970 MW of new solar capacity, which fuelled the total profit of NextEra Energy. FPL’s total owned and operated solar portfolio stood at 4,600 MW by the end of Q1.</p>
<p>FPL posted a year-over-year (YoY) increase of 22% in net income at $1.07 billion for Q1, primarily driven by continued investment in the business. Florida Power’s average number of customers increased by 65,000 compared to the same period last year.</p>
<p>NextEra’s clean energy business NextEra Energy Resources posted a profit of $1.44 billion for Q1 against a net loss of $1.5 billion in the same quarter a year ago.</p>
<p style="text-align: left;">During the January-March quarter, NextEra Energy Resources added approximately 2,020 MW of new renewables and battery storage to its backlog since the release of the fourth quarter results.<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/NextEra.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-53056 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/NextEra.png" alt="NextEra" width="602" height="416" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/NextEra.png 602w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/NextEra-300x207.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/NextEra-600x415.png 600w" sizes="(max-width: 602px) 100vw, 602px" /></a></p>
<p style="text-align: center;">Source: NextEra Energy</p>
<p>Also in March, the clean business of NextEra closed on its previously announced acquisition of a large portfolio of operating landfill gas-to-electric facilities, from which the company realizes double-digit returns.</p>
<p>NextEra Energy Resources also recently executed a memorandum of understanding for a joint venture (JV) with ammonia producer CF Industries.</p>
<p>The JV will deliver green hydrogen to an existing CF Industries ammonia production facility, which it intends to expand to incorporate green hydrogen as part of its production process. The proposed facility includes an approximately 450-MW renewable energy solution that would power a 40-ton-per-day hydrogen facility.</p>
<p>Also, in December 2022, chemical company INEOS Olefins &amp; Polymers USA <a href="https://www.mercomindia.com/daily-news-wrap-up-fashion-retailer-hm-mw-solar-ppa" target="_blank" rel="noopener">announced</a> a renewable power purchase agreement with NextEra Energy Resources for a 310 MW solar project in Texas. NextEra Energy Resources said it would construct, own, and operate the project, which will be located in Bosque County, Texas. The project is expected to produce 730,000 MWh of clean energy annually, sufficient to power over 68,000 homes annually.</p>
<p>NextEra Energy <a href="https://www.mercomindia.com/nexteras-clean-energy-business-net-income-up-17-yoy-in-q4-2022" target="_blank" rel="noopener">reported</a> a net income of $1.52 billion for the fourth quarter of 2022, up by 26.41% YoY, driven primarily by successful executions of growth initiatives by all company businesses. The company’s net income for 2022 increased by 16% to $4.15 billion.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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NextEra Swings to $2 Billion Profit in Q1 2023 on Renewable Capacity Addition

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