Data: SEIA/Wood Mackenzie Power & Renewables U.S. Solar Market Insight Report; Chart: Will Chase/Axios
The year since passage of the big climate law has brought over $100 billion in U.S. solar and storage company investments.
Why it matters: New data from the Solar Energy Industries Association — a major industry trade group — on private investment suggests the law's subsidies for manufacturing and generation are significantly boosting industry activity levels.
The chart above shows how SEIA and the consultancy Wood Mackenzie see the law boosting power projects.
The big picture: On the manufacturing side, the last year has seen billions worth of project announcements from companies like First Solar, Maxeon and Qcells.
Overall, in the year since passage, there have been 51 new or expanded manufacturing projects announced, SEIA said.
"By 2026, the U.S. will have over 17 times its current manufacturing capacity across modules, cells, wafers, ingots, and inverters when these announced factories are in operation."
The bottom line: Counterfactuals are hard because the industry was growing already, but seems safe to say the new federal subsidies are accelerating activity — a lot.