2024: A Record Year for Solar Energy in the United States with 32 GW Added

The United States is set to break a record in solar installations in 2024, with 32 GW expected. Massive panel imports and tariff uncertainties are fueling this historic boom in the renewable energy sector.

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In 2024, utility-scale solar energy in the United States will reach unprecedented heights, according to the American Clean Power Association (ACP). With 32.125 gigawatts (GW) of installations planned, the country is poised to set a historic record, underscoring the growing importance of renewables in its energy mix.

The rapid development is partially driven by the impending expiration of the tariff moratorium. This moratorium, ending in December 2024, has pushed developers to accelerate projects to avoid additional costs associated with tariffs. As noted by Sam Huntington, director of North American Power at Commodity Insights: “Developers are pulling forward projects to meet the moratorium deadlines, making 2024 an exceptional year for solar energy.”

Massive Solar Panel Imports

The third quarter of 2024 saw a significant increase in solar panel imports, totaling 15 GW. Key suppliers include Vietnam, accounting for 32.5% of imports, followed by Thailand (23%), Malaysia (13.4%), Cambodia (11.8%), and India (8.4%). This diversity of sources reflects an increased dependence on Asian markets, which provide competitively priced modules.

Solar cells, a key component of panels, also come from various Asian countries. Malaysia leads with 37.3% of imports, followed by Thailand (27.6%) and South Korea (19.9%). These massive imports are essential to meet the growing demand from U.S. developers.

Cost and Tariff Trends

Solar module costs, which have been declining in recent years, may rise in 2025 due to new tariffs and political uncertainty. Currently, U.S.-assembled Topcon modules are priced between 27 and 30 cents per watt. These tariff fluctuations, coupled with potential changes to the Inflation Reduction Act (IRA) under a new administration, add a layer of complexity for market participants.

However, the long-term outlook remains positive. According to the ACP, the levelized cost of electricity (LCOE) for solar plants is expected to drop from $46/MWh in 2024 to $38/MWh by 2030, driven by declining polysilicon prices and improved capacity factors.

What Lies Ahead After 2024?

Despite the excitement surrounding 2024, the market is expected to slow in 2025, with a projected 16% drop in new installations. This contraction is attributed to the pull-forward effect of the record year and political uncertainties. Nevertheless, the U.S. solar sector shows an average annual growth forecast of 6.6% between 2025 and 2030.

The ACP emphasizes that challenges related to tariff policies and potential changes to the IRA will not prevent solar energy from continuing its growth. Experts predict that solar will remain competitive while playing a key role in the United States’ energy transition.

Aspen Power has finalised the acquisition of two community solar projects totalling over 1 MWdc in New Jersey, developed by Ecogy Energy, with construction expected to begin shortly.
French developer Tenergie has started work on a ground-mounted solar plant at a former quarry, with expected annual output of 7.6 GWh from 2026.
Octopus Energy strengthens its presence in Spain with three new energy projects totalling 600 MW, powering 2.3 million households and accelerating the expansion of its European renewables portfolio.
VSB Italy has obtained authorisation to build a 6.2 MW agrivoltaic plant in Città della Pieve, combining solar power generation and agricultural cultivation on 10.6 hectares.
Ameren Missouri announces a 250 MW solar project to power 44,000 homes, reducing delays and costs through strategic development on company-owned land.
Verso Energy has inaugurated an experimental solar power plant in Outarville, testing the integration of photovoltaic panels across three hectares of large-scale crops with a 90% self-consumption rate.
Independent power producer R.Power is selling a 440MW ready-to-build photovoltaic portfolio in Poland, as political uncertainties drive a wave of divestments in the national renewable energy market.
Grenergy has finalised the sale of the fourth phase of its hybrid solar-storage project in Chile to CVC DIF, valued at up to $475mn, while retaining operation and maintenance for five years.
Q ENERGY secures financing for 252 MW of solar projects in Spain, marking its first independent power producer operation on the Iberian Peninsula.
Norwegian group Scatec has signed a power sales agreement with BTG Pactual for its first solar project in Colombia, representing an estimated $110mn investment.
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Virya Energy invests EUR2mn in a photovoltaic plant at the Oncopole park-and-ride in Toulouse, marking a 30-year partnership with Tisséo to strengthen the city’s energy self-consumption.
ACWA Power has signed an agreement with the Syrian Ministry of Energy to assess up to 2,500 MW of solar, wind and storage projects, along with a technical audit of the national grid and existing infrastructure.
GreenYellow is installing several photovoltaic plants and an energy storage system on Altarea's logistics platforms in Bollène and Puceul, through a 30-year PPA contract fully financed by the company.
Ascent Solar Technologies has signed an agreement with Star Catcher Industries to enhance in-orbit power generation by combining lightweight photovoltaic technology with wireless energy transmission.
NextWave Energy Monitoring integrated 529 megawatts of Cenergy solar projects into its PVPulse platform, including the largest 300 MW photovoltaic plant equipped with its monitoring system.
Solar panel imports into Africa reached 15,032 MW in one year, setting a record and marking an expansion beyond South Africa, according to the energy research organisation Ember.
Ferrovial will launch a 250 MW solar plant in Texas for $355mn, expanding its US energy portfolio and creating around 300 jobs during the construction phase.
The 4.99 MW floating solar power plant in Cebu supplies the Carmen Copper mining site, covering about 10% of its energy needs, with connection to the national grid now effective.
Four photovoltaic plants totaling 50 MW will be built in Benin by Axian Energy and Sika Capital to strengthen the share of renewables in the country’s energy mix.

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