Twenty-two U.S. solar PV manufacturers included in first domestic Ratings Pyramid

A new research report ranks 22 U.S. solar panel manufacturers by how much they actually produce and spend on factories, rather than just adding up announced capacity claims. The report, from Terawatt PV Research, sorts companies into a pyramid of ratings from AAA down to C, based on production volumes and manufacturing capital spending.

First Solar is the only company rated AAA, and researchers note it has held that top spot for years, accounting for close to 40% of all solar panels ever made in the U.S. and about a quarter of the industry's total manufacturing investment. Five other companies land in the A rating or higher, including Corning, Canadian Solar, T1 Energy, and Qcells, each active in more than one stage of panel-making, from raw silicon to finished modules. Most other companies, including SEG Solar, Illuminate, Waaree Energies, ES Foundry, and Suniva, fall into the B and C bands because they focus on just one step, such as making cells or assembling modules.

For homeowners, this isn't a program or rebate update. It's a snapshot of which companies are actually building durable manufacturing capacity in the U.S. versus which are newer or smaller entrants, following the 2022 Inflation Reduction Act's push to expand domestic solar production. The full quarterly report is available by subscription starting in October 2026 for those who want deeper detail on individual manufacturers.