North America On Grid Solar PV Market Size

North America On Grid Solar PV Market Size

North America On Grid Solar PV Market was valued at USD 26.81 billion in 2023 and is anticipated to grow at a CAGR of 6.1% from 2024 to 2032. On-grid solar photovoltaic (PV) systems, also known as grid-tied or grid-connected solar systems, are solar power systems that are connected to the public electricity grid. These are directly connected to the local utility grid, allowing the system to supply electricity to the grid and draw power from it when needed.

Introduction of community solar programs for individuals who cannot install solar panels on their own properties due to shading, roof issues, or other constraints will stimulate the market landscape. Advancements in energy storage solutions, comprising home batteries, will enhance the practicality of residential solar by enabling energy use during non-sunny periods, thereby fueling the product adoption. In addition, increasing concerns over climate change along with a desire to reduce carbon footprints will motivate homeowners to invest in renewable energy sources like solar PV, leading to enhanced solar adoption.
 

Reducing cost of solar technology driven by improvements in manufacturing processes, economies of scale, and increased competition is set to drive the product adoption. Presence of variety of financing options, including loans, leases, and PPAs, make it easier for homeowners without significant upfront investments, which will augment the product demand. Moreover, integration of solar PV systems with smart home technologies will allow homeowners to optimize energy usage and further increase savings, contributing to the product penetration in the forecasted timeline.