The Solar Energy Industries Association (SEIA) and Wood Mackenzie released their Solar Market Insight Report for Q4 2024, revealing significant trends, steady growth, and milestones in the U.S. solar industry. Here’s a summary of the key findings:
Industry Growth
- Record Installations: The U.S. installed 8.6 gigawatts (GW) of solar capacity in Q3 2024, marking a 21% increase compared to the same quarter last year. This represents the largest third quarter for solar installations on record
Manufacturing Milestone: U.S. solar module manufacturing capacity reached nearly 40 GW annually, with the restart of domestic solar cell production for the first time since 2019. This growth reflects the impact of federal incentives and increased private investments
Solar Market Trends
- Utility-Scale Dominance: Utility-scale projects accounted for 6.6 GW of the new capacity, showcasing the sector’s central role in meeting rising electricity demand.
- Community and Commercial Solar: These markets saw year-over-year growth of 12% and 44%, respectively, driven by businesses and community initiatives
Leading States
- Texas: Continued to lead U.S. solar installations, adding 2.4 GW in Q3 2024, representing 26% of the nation’s new capacity.
- Florida: Ranked second in cumulative solar capacity, with nearly 30,000 households installing solar in 2024
Future Outlook
- Steady Growth Ahead: The report predicts an average annual growth of 2% for the next five years, with total installations reaching nearly 450 GW by the end of 2029. Solar power is expected to serve over 71 million homes by then
Challenges: Despite robust demand, the industry faces constraints related to interconnection delays, labor shortages, and supply chain issues
The report underscores the transformative impact of supportive policies and the industry’s commitment to expanding solar energy access. At Ecotech Solar, we’re proud to be part of this momentum, bringing solar to the Northwest for over 20 years and contributing to a more sustainable future. For more detailed insights into these trends and what they mean for the industry, explore the full report on SEIA’s website here.