Solar Power Slowdown: An Analysis of Residential Solar Growth into 2024

Hello, fellow solar enthusiasts, today I’m eager to share a fresh solar round-up. It’s clear that these are unprecedented times for the solar industry, with several important trends happening simultaneously. From the production of solar panels for your home to large-scale solar arrays, there’s no shortage of developments to unpack.

First off, the landscape of distributed energy, which includes solar panels for your home, got through some challenging times lately. According to a recent report, the 2.3 GW of distributed generation deployed in the final quarter of 2023 marked the close of an extended growth period. However, there is some concern that if a bounce-back doesn’t surface soon, residential solar might plunge by a shocking 20% to 30% in 2024. This looming decrease underscores the importance of supporting and investing in solar companies.

On the commercial front, new tools are being crafted for utility-scale solar companies, which will likely make their operations more effective and efficient. The introduction of the PVA-1500 Series I-V curve tracer by Fluke is a notable development. This tool promises to be advantageous for solar professionals involved in everything from distributed generation to utility-scale solar.

Pivoting to a broader perspective, the entire energy sector is fiercely anticipating what lies ahead for future energy storage. Amid a prevalent surplus and intensifying price war in 2023, it’s clear the energy storage market faces formidable challenges. However, there is an unprecedented market momentum that appears to be fueling a relatively swift expansion.

Next, on the technology horizon, lithium-ion stands as the industry standard, and it’s not without good reasons. These batteries have achieved an enduring repute for their performance and cost. As we move into the future, expect to see additional advances in lithium-ion tech, perhaps giving birth to even better performing, more cost-effective batteries.

Now, to a more global view, the International Renewable Energy Agency (IRENA) brought out a new report suggesting the world’s requirement for 1.1 TW of renewables per year. According to IRENA President Francesco La Camera, renewables, especially solar, are the sole energy sources that can meet the ambitious goals set at the most recent COP29 conference.

On a more local level, San Diego Community Power inked a deal for a sizable 200 MW / 800 MWh energy storage. This significant project is currently under development.

Last but not least, SolarEdge has provided an upgrade to oversize systems, add backup power, and more. Their new product offering, named Re-Energize, includes data card upgrades for connecting smart home devices, a solar array for home oversizing, and in-house battery backup.

In conclusion, the solar industry is facing a fascinating period of change and opportunity. Whether you’re seeking solar panels for your home or a larger solar array for a community, the prospects are boundless. It’s crucial to stay engaged and informed as we navigate this solar journey together. Undoubtedly, the solar sector’s best days lie ahead.

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