The solar industry is witnessing an exciting phase of robust growth and technological advancements, making it one of the best times to consider solar panels for your home. We’re taken another giant leap forward in solar technology, and I’m here to provide you some interesting insights and updates.
As an individual deeply passionate about solar, it’s thrilling to see solar companies like First Solar, a U.S.-based manufacturer, pushing the envelope in technological innovation. They’ve recently completed their 25th year in the business. Let’s delve into their remarkable journey.
Despite some slight fluctuations, they reported stout revenues of $1.16 billion in Q4, 2023. Most importantly, they have immense confidence in the future with the projection of a revenue of $4.5 billion and 16 GW of solar module shipments for 2024.
The leap in their gross margins from 3% in 2022 to 39% in 2023 is worth noting. This increase primarily came from the recognition of tax credits from the Inflation Reduction Act. Furthermore, they displayed dynamic growth by securing 10 new customers, with a total contracted backlog exceeding 80 GW.
In the race to a greener future, manufacturing capacity is key, and First Solar knows it. They produced a record 12.1 GW of solar modules in 2023, reflecting a 33% growth over 2022. Plans for expansion are also on the horizon, with a proposed $1.1 billion investment in a new facility.
The acquisition of Evolar, a specialist in perovskite technology, shows First Solar’s commitment to advancing solar technology. This is expected to fast-track the development of high-efficiency tandem devices and play a key role in reshaping the solar industry landscape.
What further sets this company apart is its vertically integrated solar value chain, something unique among major U.S. module providers. This approach has a cascading effect on the whole U.S. economy, supporting almost $5.3 billion in total output. By 2026, it’s projected to support over 30,000 jobs and nearly $5 billion in value added to the U.S. economy.
The advancements and continuous growth of solar companies like First Solar are indicative of the bright future of the solar industry. The continuous technological advancements and increasing economic value prove that investing in a solar array for home is not just an eco-friendly decision, but a financially sound one too. It’s an exciting time for the solar industry and a great time for homeowners to consider solar as a viable and beneficial source of energy.
Original Articlehttps://pv-magazine-usa.com/2024/02/28/first-solar-plans-to-double-manufacturing-capacity-by-2026/
