The US solar industry experienced record growth in
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Posted On: 09/09/2024 8:14:05 AM
The US solar industry experienced record growth in the first half of 2024, with the following highlights:
Solar manufacturing
In the first quarter of 2024, the US solar panel manufacturing capacity increased by 71%, with 11 gigawatts (GW) of new solar module manufacturing capacity coming online. This was the largest quarter of solar manufacturing growth in US history.
Solar installations
Over 21 GW of solar installations have been completed in 2024, making it the strongest first half of the year in the industry's history.
Inflation Reduction Act
The Inflation Reduction Act has made these installation volumes possible by providing tax credits.
Challenges
However, there are challenges to faster growth, including interconnection issues, high voltage power equipment, and labor availability.
Long-term growth
The solar industry is poised for long-term growth due to historic levels of government investment and the growing momentum for economy-wide decarbonization.
Solar PV Growth Forecast
Over 21 GW have been installed so far in 2024, the strongest first half of a year in the industry's history. Installations are expected to hold relatively steady around 40-45 GW annually over the next five years.
icymi
dyodd
Solar manufacturing
In the first quarter of 2024, the US solar panel manufacturing capacity increased by 71%, with 11 gigawatts (GW) of new solar module manufacturing capacity coming online. This was the largest quarter of solar manufacturing growth in US history.
Solar installations
Over 21 GW of solar installations have been completed in 2024, making it the strongest first half of the year in the industry's history.
Inflation Reduction Act
The Inflation Reduction Act has made these installation volumes possible by providing tax credits.
Challenges
However, there are challenges to faster growth, including interconnection issues, high voltage power equipment, and labor availability.
Long-term growth
The solar industry is poised for long-term growth due to historic levels of government investment and the growing momentum for economy-wide decarbonization.
Solar PV Growth Forecast
Over 21 GW have been installed so far in 2024, the strongest first half of a year in the industry's history. Installations are expected to hold relatively steady around 40-45 GW annually over the next five years.
icymi
dyodd
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