Texas Emerges as Solar Power Hub: Billions in Investment and Growth
Source：Texas Taiwan Trade Center
From：Texas Taiwan Trade Center
Update Time：2023/10/16
Texas has emerged as the new star in the nation’s solar energy sector, attracting investments and projects amounting to billions of dollars. The state’s population has been flourishing, with nearly 4 million new residents added in the past decade. Around 88 percent of this growth has been concentrated in the state’s largest metropolitan areas.
As the nation's leader in both energy production and consumption, Texas has rapidly become one of the fastest-growing states in the renewable energy sector. The state is constructing electricity infrastructure to generate, transmit, and store renewable energy.
According to the Solar Energy Industries Association (SEIA), Texas holds the top growth projection over the next five years. In 2022 alone, the state attracted $4.8 billion in investments, contributing to a cumulative value of $21.9 billion. To achieve its target of making solar energy account for 47 percent of renewable energy, the U.S. government set a $369 billion clean and climate-related incentive program. This includes tax breaks of up to 40 percent for investment in renewable energy.
In August, a consortium of six South Korean companies known as “Team Korea,” consisting of both private and government-funded entities, secured a $450 million contract with Texas-based High Road Energy Marketing. The objective is to build a solar power plant in Texas. The consortium comprises organizations such as Korea Overseas Infrastructure & Urban Development Corporation (KIND), SK ecoplant, Hyundai Engineering and Construction (E&C), Topsun, EIP Asset Management and Global Plant, Infrastructure and Smart City (PIS). The project is set to commence in 2024 and is expected to run for 35 years, providing electricity to global corporations and technology firms.
The proliferation of solar farms raised concerns among locals about the transformation of wild and agricultural lands into solar panels. Residents have urged lawmakers to enact stricter regulations. However, Texas counties lack the authority to prohibit solar developments under current state law. The bill didn’t pass because energy companies argued that solar farms provide jobs and contribute to clean energy, which helps combat climate change.
In Texas, each county has its own solar energy policy. Interested individuals can visit DISR and EnergySage's to search for specific solar energy incentives applicable in Texas.