The U.S. solar slewing drive market is a segment of the global slewing drives market, which is expected to grow at a CAGR of 4.5% from 2023 to 2028. Slewing drives are devices that enable the rotation of solar panels or trackers to follow the sun and optimize the energy output. The U.S. is one of the largest and fastest-growing markets for solar energy, with a record 32 GW of new capacity expected to be installed in 2023. The U.S. solar market is driven by various factors, such as supportive policies, technological innovations, declining costs, and increasing demand for clean and renewable energy. The U.S. solar slewing drive market is also influenced by the trends and challenges in the solar industry, such as supply chain issues, trade disputes, interconnection barriers, and environmental concerns. The U.S. solar slewing drive market offers opportunities for manufacturers, suppliers, and customers to benefit from the growing demand for solar power and the advantages of slewing drives, such as high precision, durability, reliability, and efficiency.
The U.S. government has some support measures for the solar industry
Yes, the U.S. government has some support measures for the solar industry, such as:
- Tax credits: The federal government offers a 26% investment tax credit (ITC) for residential and commercial solar systems installed before the end of 2023, which will drop to 22% in 2024 and 10% in 2025. The Inflation Reduction Act also extends the ITC for another five years and adds a new 30% credit for standalone energy storage systems.
- Research and development: The Department of Energy (DOE) funds various programs to support solar innovation, such as the Solar Energy Technologies Office, which aims to cut the cost of solar energy by 60% within the next 10 years. The DOE also supports the national laboratory system and the Manufacturing USA network, which provide research facilities and technical assistance for solar manufacturing.
- Financing and technical assistance: The EPA launched a $7 billion Solar for All grant competition to fund residential solar programs that lower energy costs for low-income and disadvantaged communities. The Inflation Reduction Act also provides public financing initiatives, such as loan guarantees and grants, for clean energy projects, including solar.
- Policies and regulations: The federal government regulates the interconnection and transmission of solar power across state lines and sets standards for environmental protection and worker safety. The federal government also supports state-level policies, such as renewable portfolio standards and net metering, that create demand for solar power.