According to the "U.S. Solar Market Insight Q2 2024" report released by the Solar Energy Industries Association (SEIA) and Wood Mackenzie, the U.S. solar industry demonstrated exceptional performance in the first quarter of 2024, setting multiple records and showcasing significant growth. Key highlights and trends from the report include:
Record Solar Module Capacity: In the first quarter of 2024, the U.S. achieved a record solar module production capacity of 11GW, marking the fastest growth in its history. The annual production capacity has now exceeded 26GW.
Solar System Installations: During the first quarter of 2024, the U.S. installed 11.8GW of solar systems, bringing the total installed solar capacity to over 200GW. In 2023, more than 40GW of solar systems were added.
Abigail Ross Hopper, President and CEO of SEIA, stated, "The data from the first quarter of 2024 clearly demonstrates that new investments in clean energy by the U.S. government are effectively revitalizing domestic manufacturing and strengthening the American energy economy. From billions of dollars invested in solar projects to new solar module manufacturing plants providing hundreds of jobs to local communities, the solar and energy storage industries are enhancing economic vitality across the nation."
Figureļ¼Installed capacity of PV modules manufactured in the US from Q1 2021 to Q1 2024 (MW)
The growth of the utility-scale solar market has driven record solar deployment figures, with nearly 10GW of utility-scale solar systems added in the first quarter of this year. States like Florida and Texas led the growth in utility-scale solar installations, while other markets such as New Mexico and Ohio also showed strong performance, installing 686MW and 546MW of solar systems, respectively.
Michelle Davis, Head of Global Solar at Wood Mackenzie and the lead author of the report, commented, "The U.S. solar industry continues to show strong performance in terms of deployment. However, the industry faces a range of challenges, including labor supply issues, high-voltage equipment supply constraints, and ongoing trade policy uncertainties."
It is noteworthy that the residential solar sector is under pressure due to policy changes in California, experiencing the most challenging quarter in nearly two years. Nevertheless, the commercial and community solar markets have maintained stable growth year-over-year.
Looking ahead, the total installed solar capacity in the U.S. is expected to double over the next five years, reaching 438GW by 2029.
Sourceļ¼Saurenergy