U.S. solar industry added 9.4 GW of new installation capacity in Q2 2024, but challenges persist that hinder the market’s full potential.— Solar module manufacturing capacity in the United States now exceeds 31 gigawatts — a nearly four-fold increase since the Inflation Reduction Act became law in 2022.
“The solar and storage industry is turning federal clean energy policies into action by rapidly creating jobs and powering economic growth in all 50 states, particularly in battleground states like Arizona, Nevada and Georgia,” said SEIA president and CEO Abigail Ross Hopper. “We are now manufacturing historic amounts of solar energy in America, and soon, we will have enough domestic module production to supply nearly all U.S. demand for years to come.
The residential solar market continued to contract in Q2 2024, driven by policy changes in California and high interest rates nationally. The sector added 1.1 GW of new capacity in Q2, its lowest quarter in nearly three years. However, the residential solar market is expected to see growth again in 2025 and is projected to set annual records from 2026-2029.