Overview

• Solar energy accounted for over 50% of new electricity capacity additions to the U.S. grid in 2023, marking the first time in 80 years a renewable source has dominated annual capacity additions.
• The U.S. solar industry added a record 32.4 gigawatts of capacity in 2023, driven by utility-scale installations and bolstered by the Inflation Reduction Act.
• Challenges such as supply chain constraints, tariff disputes, and interconnection bottlenecks are anticipated to impact solar growth in 2024.
• California's shift to new net billing rules and higher interest rates may slow residential solar installations, despite strong growth in previous years.
• Experts remain optimistic about the future of solar energy, projecting nearly 500 gigawatts of new solar power in the U.S. over the next decade, influenced by policy and market developments.