U.S. solar installations soar by 45%

New U.S. solar installations increased by 45 percent within the second quarter of this year, as the industry installed  5.7 gigawatts in the the same quarter which is about enough capacity to power more than 1 million homes, said a new report by energy research firm Wood Mackenzie and solar trade group Solar Energy Industries Association.

The report said that the increase is on pace to put up 26.4 GW this year, which is about 8 percent more than the industry expected three months ago.

In the report, Wood Mackenzie also raised its forecast for the next five years by 10 percent.

The reports said that there are some major risks to the industry's dramatic growth,which includes supply chain constraints due to the coronavirus pandemic, tariffs on overseas-made panels and a ban on imports of solar materials from China's Xinjiang region.