The US is on track for another record-breaking year for solar, with over 32 gigawatts (GW) of utility-scale installations expected in 2024, according to the inaugural Solar Market Monitor from the American Clean Power Association (ACP) and S&P Global Commodity Insights.

-snip-

This year has been extraordinary for the solar industry, thanks to the expected rush to meet the tariff moratorium’s deadline, which led to the projected installation spike. That frenzy will be followed by a slight dip in 2025, with installations anticipated to be about 16% lower compared to 2024. However, the market is expected to bounce back, with steady growth throughout the decade.

Capital costs for solar projects are also expected to keep dropping. By 2035, costs are projected to be 14% lower, driven mainly by declining solar module prices.

And, while the Trump administration and the new Republican-majority Congress are expected to revisit parts of the Inflation Reduction Act (IRA), it’s unlikely that the IRA will be entirely dismantled. That means the foundation for growth should remain intact.

-snip