A $6 billion bet on US-made solar panels is about to get a boost as Congress looks to take on China. Presented by Deloitte.
. That isn't possible right now because the US has lost ground to China as the country has invested more than $50 billion in solar manufacturing since 2011 to expand production and drive down costs.
Moreno acknowledged that even with new incentives from the federal government, it would be many years before US plants could make solar-panel parts at scale. Meanwhile, new solar projects are expected to grow at a rapid clip if the Inflation Reduction Act clears Congress — with or without domestic supply chains.
That may put the US on a path to generate 40% of its power from solar by 2035, an aspiration that the Biden administrationWhat might limit that kind of explosive growth is a lengthy permitting process for new energy projects and transmission lines, Moreno said.
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