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Despite the global COVID-19 pandemic, shipments of solar photovoltaic (PV) modules (also known as solar panels) in the United States reached a record peak of 21.8 million kilowatts in 2020, an increase of 5.4 million kilowatts from 2019 Peak.
The shipments of solar photovoltaic modules include imports, exports, and domestic production and sales of modules. The demand for residential solar installations will increase in 2020, partly because people spend more time at home, which in turn leads to increased interest in home improvement. Other reasons for the increase in shipments include expiry of solar tax credits, continued growth in utility-scale solar capacity, and decline in solar system costs.
Shipments of solar photovoltaic modules usually track the increase in domestic photovoltaic capacity; the difference between the two is usually due to the lag time between shipment and installation. We divide the increase in photovoltaic capacity into utility scales, including facilities with a capacity of 1 megawatt (MW) or more, or small-scale, mainly residential solar installations.
From 2019 to 2020, solar photovoltaic capacity in the United States increased by 25%: utility-scale solar capacity increased by 29%, and small-scale solar capacity increased by 19%.
By the end of 2020, the federal solar investment tax credit (ITC) will be reduced from 26% to 22%. Part of the increase in solar capacity in 2020 is due to the rush to install projects before the expected drop in ITC. However, in December 2020, Congress passed an extension of the ITC to provide a 26% tax credit for solar systems installed from 2020 to 2022 and a 22% tax credit for systems installed in 2023.
Although there have been several disruptions in the supply chain of photovoltaic modules in 2020, the cost of photovoltaic modules has fallen sharply since 2010, which has promoted the growth of solar photovoltaic module shipments. The average value of solar shipments (representative of price) dropped from US$1.96 per peak watt in 2010 to US$0.38 per peak watt in 2020. Reduced supply chain costs and oversupply of modules due to increased output are the main reasons for the decline in average prices. The value of solar photovoltaic modules over the past decade.
In 2020, 89% of US solar photovoltaic module shipments are imported. In 2020, the total import volume of photovoltaic modules will reach a peak of 19.3 million kilowatts, an increase of 26% over the peak import of 15.3 million kilowatts in 2019. Vietnam is the main importer of the United States, followed by Malaysia, South Korea and Thailand.