US photovoltaics (PV) on track for record 32 GW installations in 2024 | REVE News of the wind sector in Spain and in the world

Sunny times ahead for US PV as installation is projected to reach 32 GW in 2024.
The US renewable energy sector is expected to end 2024 on a high as a new industry report projects a massive 32 GW of photovoltaic (PV) installation for the year, according to data released by the American Clean Power Association and S&P Global Commodity Insights.

The first edition of the biannual Solar Market Monitor report reveals that the US will witness a compound annual target rate (CAGR) of 6.6% from 2025 through the end of the decade, when 37 GW of solar projects will come online.

However, the sector will suffer a minor setback in 2025, when solar installation will pause and fall 16% from 2024. According to the report, the 2024 boom is largely due to the rush to overcome the deadline for a tariff moratorium on solar panel imports from some Southeast Asian countries. The administration of outgoing President Biden set up the two-year tax break in 2022 to allow solar developers to source cheaper PV panels from countries such as Cambodia, Malaysia, Thailand and Vietnam. Part of the terms of the moratorium is that solar projects must be completed by 2025.

However, the U.S. solar sector is expected to rebound in 2026 and maintain steady growth through 2030. The recovery will be driven in part by a drop in PV module prices, which could make projects cost 16% less to build. This will lead to a drop in the levelized cost of energy (LCOE) from US$46/MWh to US$38/MWh by 2030.

There have been concerns about the potential impact of the new Donald Trump administration, which is removing parts of Biden’s Inflation Reduction Act (IRA). However, many industry experts remain optimistic that essential components of the act will be preserved.

Commenting on the report, John Hensley, senior vice president of policy and market analysis at the American Clean Energy Association, said: “This inaugural report highlights how solar has established itself as a clean, cost-competitive energy resource for the US. Going forward, this capability will help the industry navigate the dynamic US solar market.”