The US installed 50GW of new solar capacity in 2024, the largest single year of new capacity added to the grid by any energy technology in over two decades.

The US Solar Market Insight 2024 Year in Review report released by the Solar Energy Industries Association (SEIA) and Wood Mackenzie, revealed that solar and storage now accounts for 84 per cent of all new electric generating capacity added to the grid last year.

With the increase in generation, domestic solar module production also tripled, and at full capacity, US factories can now produce enough to meet nearly all demand for solar panels in the country. Solar cell manufacturing also resumed in 2024, strengthening the energy supply chain.

“Solar and storage can be built faster and more affordably than any other technology, ensuring the US has the power needed to compete in the global economy and meet rising electricity demand,” said SEIA president and CEO Abigail Ross Hopper. “America’s solar and storage industry set historic deployment and manufacturing records in 2024, creating jobs and driving economic growth. It’s critical that lawmakers continue to support an ‘all of the above’ energy strategy that fosters the growth of American energy sources like solar and storage.”

Total US. solar capacity is expected to reach 739 GW by 2035, but the report forecasts include scenarios showing how policy changes could impact the solar market. Sudden changes to federal tax credits, supply chain availability, and permitting policy will create uncertainty for investors, increase costs for developers and manufacturers, and cause a slowdown in solar deployment.

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