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The US added a record-setting 32.4 gigawatts (GW) of solar capacity in 2023, according to a new report, but 2024 will bring challenges to the industry.

March 5, 2024: That’s a 37% increase from the previous record set in 2021 and a 51% increase from 2022.

It’s the first time in 80 years that a renewable electricity source has accounted for over half of annual capacity additions to the grid. 

According to the US Solar Market Insight 2023 Year-in-Review released today by the Solar Energy Industries Association (SEIA) and Wood Mackenzie, solar accounts for 53% of all new electric generating capacity added to the grid last year. This marks the first time in 80 years that a renewable electricity source has accounted for over 50% of annual capacity additions. 

Every solar market segment saw year-over-year growth in 2023, bringing total installed solar capacity in the US to 177 GW. The utility-scale sector alone added 22.5 GW of new capacity, while nearly 800,000 Americans added solar to their homes. 

SEIA president and CEO Abigail Ross Hopper said:

The Inflation Reduction Act is supercharging solar deployment and having a material impact on our economy, helping America’s solar module manufacturing base grow 89% in 2023.

We must protect and optimize the policies that are driving these investments and creating jobs, and the stakes in the upcoming election couldn’t be higher.

December 6, 2023: The SEIA and Wood Mackenzie released their report, “US Solar Market Insight Q4 2023,” in which they report that third-quarter (Q3) additions of new solar totaled 6.5 gigawatts (GW) – a 35% year-over-year increase – as federal clean energy policies begin to take hold.

California and Texas led the US for new solar installations in Q3, and Indiana ranked third with 663 megawatts (MW) of new capacity as several large utility-scale projects came online. Fourteen states and Puerto Rico installed more than 100 MW of new solar capacity in Q3. 

While economic challenges are beginning to impact the solar and storage industry, solar is still expected to be the largest source of generating capacity on the US grid by 2050.

SEIA president and CEO Abigail Ross Hopper said:

Solar remains the fastest-growing energy source in the United States, and despite a difficult economic environment, this growth is expected to continue for years to come.

To maintain this forecasted growth, we must modernize regulations and reduce bureaucratic roadblocks to make it easier for clean energy companies to invest capital and create jobs.

The residential solar segment installed a record 210,000 systems in Q3. However, the California Public Utilities Commission’s disastrous decision to gut the state’s rooftop solar incentives –resulting in an 80% drop in installations – and elevated US interest rates are expected to lead to a brief decline next year before growth resumes in 2025.

Elevated financing costs, transformer shortages, and interconnection bottlenecks are also impacting the utility-scale segment, which saw its lowest level of new contracts signed in a quarter since 2018.

However, improvements in the module supply chain have led to a record 12 GW of utility-scale deployment in the first nine months of 2023.

Solar accounts for 48% of all new electric generating capacity in the first three quarters of 2023, bringing total installed solar capacity in the US to 161 GW across 4.7 million installations. By 2028, US solar capacity is expected to reach 377 GW – enough to power more than 65 million homes.

Michelle Davis, head of solar research at Wood Mackenzie and lead author of the report, said:

The US solar industry is on a strong growth trajectory, with expectations of 55% growth this year and 10% growth in 2024.  

Growth is expected to be slower starting in 2026 as various challenges like interconnection constraints become more acute. It’s critical that the industry continue to innovate to maximize the value that solar brings to an increasingly complex grid.

Interconnection reform, regulatory modernization, and increasing storage attachment rates will be key tools.

Electrek’s Take

Solar breaking capacity records in 2023 doesn’t surprise me – thank you, Inflation Reduction Act – but it certainly makes me happy to hear it from the SEIA. The solar industry is still going to grow in 2024, just not as quickly as it did last year.

There are a lot of moving parts in this revolutionary transition to clean energy, and next year, the industry and its supply chain is going to have to recalibrate on some important stuff.

There’s nothing it can do about the interest rates, and I don’t know how California is going to sort out its mess. But there are innovative startups coming up with better ways to calibrate the power on the grid, and those ideas are being launched commercially. As Davis says, interconnection reform and regulation improvements are needed to help ease the clean energy bottlenecks. Hopefully those bottleneck issues will be improved by government sooner rather than later.

Read more: Here’s what the US needs to do right now to upgrade the grid

Photo: A worker watches the sunrise by US Department of Energy is licensed under CC-CC0 1.0


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Royal Enfield’s Flying Flea electric motorcycles launching early next year

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Royal Enfield's Flying Flea electric motorcycles launching early next year

Royal Enfield’s eagerly anticipated electric motorcycles, unveiled late last year under the Flying Flea brand, are now confirmed to hit the market early next year. Eicher Motors Managing Director B. Govindarajan narrowed down the release window, confirming that the two models currently in testing, the FF-C6 and S6, will debut in the fourth quarter of the fiscal year 2026, corresponding to January through March 2026.

The announcement provides a clear timeline for eager e-motorcycling enthusiasts who have closely followed Royal Enfield’s pivot to electric mobility. Previously, the company had remained relatively tight-lipped about exact launch dates and even many of the upcoming bikes’ key specs, only hinting that the electric motorcycle project was progressing steadily.

The Flying Flea name is a historical nod, reviving memories of Royal Enfield’s lightweight motorcycle originally used during World War II for airborne operations. Just like its iconic namesake, the new Flying Flea electric motorcycles are expected to be compact, accessible, and user-friendly, aiming at urban commuters and younger riders seeking a blend of heritage styling with modern electric propulsion.

The FF-C6 and S6 represent two distinct offerings within Royal Enfield’s electric lineup, signaling an ambitious start for the company’s electrification strategy. While specific technical details remain scarce, previous hints suggest that the models will prioritize practicality, affordability, and moderate performance suited to daily commuting rather than high-end, performance-oriented segments.

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However, with a dearth of solid specs regarding power, range, or pricing, it’s too soon to tell how warmly the bikes may be received during their upcoming launch.

This cautious yet clear step into electric mobility aligns with Royal Enfield’s traditional ethos of delivering approachable motorcycles that combine classic design with dependable performance.

The company, owned by Eicher Motors, has enjoyed success internationally over the last decade, particularly with models like the Classic 350, Meteor 350, and Himalayan, which have resonated strongly with both new and experienced riders. The Flying Flea line is likely destined for international markets as well, though may launch solely in India first as Royal Enfield works to ramp up production.

Royal Enfield’s venture into electric motorcycles also follows a strategic €50 million investment by Eicher Motors into Stark Future, a cutting-edge electric motorcycle startup based near Barcelona, which likely helped Royal Enfield’s technical team.

For example, at the Flying Flea brand’s worldwide unveiling at the Milan Motorcycle Show last year, one of the company’s driving prototypes was spotted using several Stark VARG powertrain components to complete a working model for demonstration.

With electric motorcycles rapidly gaining popularity worldwide due to their efficiency, lower maintenance costs, and environmental advantages, Royal Enfield’s entry into this market comes at an opportune time. The company’s robust global presence and dedicated fan base provide a solid foundation for launching these models successfully.

With the success of relatively smaller electric motorcycles compared to the struggles of larger sport bike e-motorcycle companies, the Flying Flea appears positioned for a more welcoming market.

Given Royal Enfield’s knack for delivering motorcycles with a blend of nostalgic aesthetics and modern functionality, expectations are high for the FF-C6 and S6 to carve out their own distinct niche in the electric two-wheeler market. For now though, fans are still eagerly awaiting more information and details regarding the performance and price of the upcoming electric two-wheelers.

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XPeng just teased its next-generation P7 sedan and it is SLEEK [Video]

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XPeng just teased its next-generation P7 sedan and it is SLEEK [Video]

It’s been less than a month since XPeng Motors began teasing a new camouflage sedan codenamed the E29. This morning (or this evening if you’re in China), XPeng unveiled the mystery sedan as its next-generation P7. This vast redesign of the Chinese automaker’s flagship BEV sedan is a bona fide stunner, and makes me wish I could drive one of my own in the US.

The P7 debuted at the Shanghai Auto Show in 2019 as XPeng’s first sedan and its second production model behind the now-discontinued G3 SUV. It was also the first XPeng model I ever drove during a trip to the Netherlands in 2022.

In its first two years of production, which began in 2020, XPeng built over 100,000 units of its flagship sedan, and the sport vehicle has remained a pillar in its global sales. Since its launch in China, we’ve seen XPeng deliver a 2023 refresh called the P7i and the P7+, complete with pure camera vision ADAS, which launched last fall as “the world’s first AI car.”

According to an internal letter sent out by XPeng founder, chairman, and CEO He Xiaopeng last December, the Chinese automaker has big plans for 2025 and beyond. It aims to become a globally recognized brand with a presence in over 60 countries by the end of the year.

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The internal letter also stated XPeng’s plans to launch a new or facelifted model nearly every quarter in 2025. In Q1, we saw the debut of the G7 SUV, starting at an ultra-competitive price of around $34,000 in China. Since then, XPeng has been teasing another new model, codenamed “E29,” spotted driving around Guangzhou, where XPeng is headquartered, in camouflage last month.

Today, XPeng confirmed the E29 is not a bespoke model, but instead a completely new generation of the P7, dreamt up by Chief Designer Rafik Ferrag, who led the creation of the original 2020 model. Have a look:

  • XPeng P7
  • XPeng P7
  • XPeng P7

XPeng shares first images of its stunning new P7 design

XPeng shared the initial images seen above alongside a brief press release outlining its exciting new design language as explained by its designer, Rafik Ferrag, who began teasing the new model on his own social media accounts earlier this week:

I’m very excited that the first official pictures and video are now visible to everyone. The original P7 was a milestone for XPENG and a turning point in China’s EV landscape. With this new generation, we set out to design a pure electric sports sedan that could amaze at every angle. This car is our dream—refined through countless iterations. In my eyes, the all-new XPENG P7 is a work of art, shaped with emotion and purpose.

The Chinese automaker explained that the new 5-seat P7 coupe reflects Ferrag’s “evolving design philosophy” and has been in development for the past five years. XPeng founder He Xiaopeng called it a “major upgrade” for the brand’s next leap in BEV technology, blending AI with luxury and the company’s new Turing Smart Driving system.

What specific technology the next-generation P7 holds remains unknown to the public at this time, but we were told more details will be revealed later. For now, we have our first official peek at this new futuristic model and a teaser video, which you can view below.

If the new P7 represents XPeng’s design language going forward, there should be many more exciting reveals in 2025 and beyond as the brand continues to expand into a globally recognized name.

Source: XPeng Motors

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Oil prices fall after Trump raises hopes of a U.S.-Iran nuclear deal

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Oil prices fall after Trump raises hopes of a U.S.-Iran nuclear deal

The Persian Gulf Star gas condensate refinery in Bandar Abbas, Iran, on Jan. 9, 2019.

Ali Mohammadi | Bloomberg | Getty Images

Oil prices fell sharply on Thursday on expectations that the U.S. and Iran may soon reach a deal over Tehran’s nuclear program.

International benchmark Brent crude futures with July expiry were last seen trading 3.2% lower at $63.99 a barrel, paring some of its earlier losses. U.S. West Texas Intermediate futures, meanwhile, stood at $60.98, down 3.4% for the session.

Speaking in Doha, Qatar during his Middle East trip, U.S. President Donald Trump said the U.S. was getting close to securing a nuclear deal with Iran.

“We’re in very serious negotiations with Iran for long-term peace,” Trump said.

His comments come shortly after a top advisor to Iran’s supreme leader told NBC News that the OPEC producer was ready to sign a nuclear deal with certain conditions in exchange for the lifting of economic sanctions.

The prospect of a U.S.-Iran nuclear deal is expected to have profound implications for oil markets.

“The overnight development of a possible nuclear deal is the sole reason for the morning’s weakness. If an agreement is reached, Iran agrees to halt enriching weapon grade uranium and the deal is effectively enforced, which is hard to believe, then the Persian Gulf country’s crude oil exports can rise by as much as 1 [million barrels per day],” Tamas Varga, an analyst at brokerage PVM, told CNBC via email.

“It sounds price negative, but its impact will possibly be mitigated by OPEC+ rolling back on its plan to release barrels back to the market faster than originally planned,” he added.

OPEC and non-OPEC partners, an influential energy alliance known as OPEC+, has surprised markets by raising supply in recent months.

Led by Saudi Arabia, the group agreed in early May to increase output by another 411,000 barrels per day in June. The move came one month after OPEC+ agreed to boost production in May by the same amount.

Economic pain

Iran’s economy has deteriorated dramatically in the years since Trump in 2018 withdrew the U.S. from the Iran nuclear deal, formally titled the Joint Comprehensive Plan of Action. The agreement was brokered in 2015 along with Russia, China, the EU and U.K. under the Obama administration to curb and stringently monitor Iran’s nuclear activity in exchange for sanctions relief.

Already facing several years of protests, significantly weakened currency, and a cost-of-living crisis, the Islamic Republic was hit with the hammer blow of losing its main ally in the Middle East last year, when the Assad regime collapsed in Syria. Tehran’s archenemy Israel, meanwhile, killed most of the senior leadership of Hezbollah, Iran’s proxy in Lebanon.

Iran’s Supreme Leader Ayatollah Ali Khamenei was formerly staunchly opposed to negotiations with the U.S., but senior Iranian government officials reportedly launched a coordinated effort to change his mind, framing the decision as critical to the regime’s survival.

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