According to the US Solar Market Insight Q4 2024 Report released by the Solar Energy Industries Association (SEIA) and Wood Mackenzie, tThe U.S. solar industry installed 8.6 GW of new electricity generation capacity in the third quarter, marking a 21% year-over-year increase and the largest third quarter ever for the industry.
The utility-scale segment led the sector with 6.6 GW of new projects coming online. Utilities and businesses are driving this growth as they purchase significant amounts of solar energy to meet rising electricity demand. The commercial and community solar markets also posted strong gains in the third quarter, growing 44% and 12% year-over-year, respectively.
Texas continues to lead the nation in solar deployment, adding 2.4 GW of capacity in the third quarter. The Lone Star State will account for 26% of all new capacity coming online so far in 2024. Florida will have the second-largest solar installed capacity by 2024, and nearly 30,000 Florida homes have installed solar this year.
Over the past two years, 1.4 million American households have taken advantage of federal incentives to install solar energy and reduce their energy costs.
“Our current outlook for the next five years projects the U.S. solar industry to grow at an average annual rate of 2%, reaching a total of nearly 450 GW by the end of 2029,” said Michelle Davis, head of solar research at Wood Mackenzie and main author of the report. “Solar demand remains robust, and annual installation forecasts would be higher if not for the constraints facing the industry, including interconnection constraints, labor availability, supply constraints and policy.”
Total solar deployment is expected to exceed 40 GW again in 2024, followed by an annual installation volume of at least 43 GW for the rest of the decade.
News item from SEIA
