Exploring the 71% Boom in US Solar Panel Manufacturing: A Forecast for 2024

Hello solar enthusiasts! In exciting news, the U.S. Solar Market Insight Q2 2024 report has recently revealed that there’s been a significant increase in solar module manufacturing capacity. An impressive 11 GW became operational in the U.S. during the first quarter of 2024 – marking the highest growth rate witnessed for solar manufacturing in our history. Yes, the solar company sector in the states is booming!

Thanks to this growth spurt, the nation’s annual solar manufacturing capacity now hits a staggering 26 GW. But it doesn’t end with manufacturing; there’s also been a remarkable surge in solar installations. The figure for 2024 currently stands at 11.8 GW of new solar capacity, bringing us to a whopping total of 200 GW stateside. Unsurprisingly, the utility-scale sector contributes the lion’s share: close to 10 GW of this newly added capacity.

Getting solar panels for your home or installing a home solar array is becoming a common part of life for more and more Americans. It’s clear that we’re making leaps and bounds in solar capacity – over 40 GW was added last year alone, and predictions for 2024 reflect an ambitious aim to hit the same number.

SEIA president Abigail Ross Hopper has lauded the large-scale investments in clean energy that are rejuvenating American manufacturing and bolstering the nation’s energy economy. There’s no denying that whether it’s a billion-dollar solar project or a brand new manufacturing plant that hires local workers, the solar and storage industry is positively impacting communities across the United States.

Florida and Texas emerged as frontrunners in the addition of new solar capacity in the first quarter, boasting figures of 2.7 and 2.6 GW, respectively. California, a historically strong contender in the solar arena, installed 1.4 GW and secured third place. Other noteworthy mentions include New Mexico (686 MW) and Ohio (546 MW).

Though the progress indicates a thriving solar industry, there are obstacles to overcome. Concerns about labor availability, high voltage equipment constraints, and ongoing trade policy uncertainty are factors to consider moving forward.

The high interest rates and less-than-supportive state policies have taken a toll on the residential solar segment, causing a 25% decline year-over-year and 18% quarter-over-quarter. Yet, optimism still runs high. The commercial solar sector, on the other hand, showed a growth of 23% in 2023 and is forecasted to enjoy an additional 14% increase this year.

Community solar, meanwhile, added 279 MW of new capacity in the early part of 2024. New York has gone above and beyond in this sphere, accounting for 46% of national installed capacity.

Despite the hurdles and challenges, optimism for the solar industry remains high. Projections for the next five years suggest U.S. solar capacity could scale up to a massive 438 GW by 2029. Check back often as I share more on the exciting future of the solar industry in our country.

Original Articlehttps://pv-magazine-usa.com/2024/06/06/total-u-s-solar-module-manufacturing-capacity-grows-by-71-in-q1-2024/

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