Check out the following press release from the Solar Energy Industries Association (SEIA) about their new report (the U.S. Solar Market Insight 2024 Year in Review report; released today). Specifically with regard to Virginia, the report finds:
“Virginia added a state record 1.5 gigawatts (GW) of solar capacity in 2024 and now has over 6.8 GW of installed solar capacity, 8th among all states and enough to power 800,000 homes…The solar industry supports the careers of roughly 5,000 Virginians and has invested over $7 billion into the Commonwealth’s economy.“
So that’s very good news, thanks overwhelmingly to Democrats, and no thanks to Glenn Youngkin (who wants to push for SUPER-expensive, speculative, most likely not-technologically-viable-for-years-to-come small modular nuclear reactors or even nuclear fusion power) or Virginia Republicans, who mostly have opposed efforts – such as the Virginia Clean Economy Act and Inflation Reduction Act – to jumpstart renewable power nationally and in Virginia (see below for state solar PV installation rankings, with the “red” state of Texas #1, another big “red’ state – Florida – #3, and another big “red” state – Ohio – #5).
In the United States overall, as the following press release from SEIA notes, “solar and storage account for 84% of all new electric generating capacity added to the grid last year,” with the U.S. installing “a record-breaking 50 gigawatts (GW) of new solar capacity in 2024, the largest single year of new capacity added to the grid by any energy technology in over two decades,” and with “13 states [including Virginia] add[ing] over 1 GW of new solar capacity in 2024.” Good stuff, and again, thanks heavily to Democrats…with little if any help (quite the contrary) from Republicans.
As for why solar power has been booming, the reasons pretty simple: solar power has gotten super-cheap; it’s inexhaustible and clean (no greenhouse gas or other dangerous emissions); and it’s simply a better option in most ways compared to building new (expensive, polluting) fossil-fuel-generated power facilities. The obstacles to even more-rapid solar power growth in the US and in Virginia? They’re mostly political, with opposition unsurprisingly from the fossil fuel industry (which continues to receive huge direct and indirect subsidies, despite being highly destructive, and continues to rake in huge profits while it trashes the planet) and their Republican buddies (including the climate-science-denying, fossil-fuel-loving Trump administration); as well as organized disinformation campaigns, funded heavily by fossil fuel interests, to turn local communities against siting solar in their areas. Plus, there are power transmission bottlenecks and other obstacles to getting the solar power from where it’s generated to where it’s needed.
By the way, for those who argue that we should just install solar power on homes and businesses, in parking lots, etc., thus saving farmland, the issue – as the report makes clear – is cost: namely, that it’s only 1/3 as expensive as utility-scale, ground-mounted solar projects (see graphic, below).
But the bottom line is that solar makes the most sense for many reasons, which is why in 2024, 66% of new US electricty-generating capacity additions were solar, with 10% wind and only 4% natural gas. The question is, to what exent will the Trump administration attempt to override the obvious economic and environmental advantages of solar power by putting their thumbs heavily on the scales in support of fossil fuels, ergo “picking winners and losers” (something they always criticized when it was aimed at helping boost CLEAN energy)? Will there be pushback from states, including ones that voted for Trump (e.g., Texas, Florida, Arizona, Ohio) which are benefitting greatly from solar power? And how about the public, which in many polls over the years has expressed strong support for moving towards cleaner, renewable energy sources? This year and beyond, we’re going to find out, for better or for worse…
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REPORT: Solar Adds More New Capacity to the Grid in 2024 Than Any Energy Technology in the Past Two Decades Solar and storage account for 84% of all new capacity added to the grid in 2024 |
| Mar. 11, 2025 |
| WASHINGTON, D.C. — The United States installed a record-breaking 50 gigawatts (GW) of new solar capacity in 2024, the largest single year of new capacity added to the grid by any energy technology in over two decades.
According to the U.S. Solar Market Insight 2024 Year in Review report released today by the Solar Energy Industries Association (SEIA) and Wood Mackenzie, solar and storage account for 84% of all new electric generating capacity added to the grid last year. In addition to historic deployment, surging U.S. solar manufacturing emerged as a landmark economic story in 2024. Domestic solar module production tripled last year, and at full capacity, U.S. factories can now produce enough to meet nearly all demand for solar panels in the United States. Solar cell manufacturing also resumed in 2024, strengthening America’s energy supply chain and cementing its place as a solar powerhouse. “Solar and storage can be built faster and more affordably than any other technology, ensuring the United States has the power needed to compete in the global economy and meet rising electricity demand,” said SEIA president and CEO Abigail Ross Hopper. “America’s solar and storage industry set historic deployment and manufacturing records in 2024, creating jobs and driving economic growth. It’s critical that lawmakers continue to support an ‘all of the above’ energy strategy that fosters the growth of American energy sources like solar and storage.” Total U.S. solar capacity is expected to reach 739 GW by 2035, but the report forecasts include scenarios showing how policy changes could impact the solar market. Sudden changes to federal tax credits, supply chain availability, and permitting policy will create uncertainty for investors, increase costs for developers and manufacturers, and cause a slowdown in solar deployment. The low case forecast shows a 130 GW decline in solar deployment over the next decade compared to the base case, representing nearly $250 billion of lost investment. A slowdown at this scale could leave the U.S. without the electricity needed to meet rising demand, threatening growth in the manufacturing and technology sectors that rely on abundant power. Many of the fastest-growing solar states such as Texas, Indiana, and Florida would see the largest declines in deployment under the low-case scenario. Texas alone could lose out on over $50 billion of solar investment over the next decade. “Last year’s record-level of installations was aided by several solar policies and credits within the Inflation Reduction Act that helped drive interest in the solar market,” said Sylvia Levya Martinez, Principal Analyst, North America Utility-Scale Solar for Wood Mackenzie. “We still have many challenges ahead, including unprecedented load growth on the power grid. If many of these policies were eliminated or significantly altered, it would be very detrimental to the industry’s continued growth.” Texas led all states for new solar capacity additions last year, replicating a record-setting 2023 with 11.6 GW of new installations. In total, 21 states set new annual installation records, and 13 states added over 1 GW of new solar capacity in 2024. The utility-scale segment saw historic gains in 2024, growing by 33% year-over-year with a record 41.4 GW of installed capacity. The community and commercial solar markets also set annual records, growing by 35% and 8%, respectively. The residential solar market experienced its lowest year of installations since 2021 due to state-level policy changes and elevated interest rates nationally. Forecasts show that the market is expected to rebound over the next decade. Learn more at seia.org/smi. ### |
| About SEIA®:
The Solar Energy Industries Association® (SEIA) is leading the transformation to a clean energy economy, creating the framework for solar to achieve 30% of U.S. electricity generation by 2030. SEIA works with its 1,200 member companies and other strategic partners to fight for policies that create jobs in every community and shape fair market rules that promote competition and the growth of reliable, low-cost solar power. Founded in 1974, SEIA is the national trade association for the solar and solar + storage industries, building a comprehensive vision for the Solar+ Decade through research, education and advocacy. Visit SEIA online at www.seia.org. About Wood Mackenzie: Wood Mackenzie is the global insight business for renewables, energy and natural resources. Driven by data. Powered by people. In the middle of an energy revolution, businesses and governments need reliable and actionable insight to lead the transition to a sustainable future. That’s why we cover the entire supply chain with unparalleled breadth and depth, backed by over 50 years’ experience in natural resources. Today, our team of over 2,000 experts operate across 30 global locations, inspiring customers’ decisions through real-time analytics, consultancy, events and thought leadership. Together, we deliver the insight they need to separate risk from opportunity and make bold decisions when it matters most. For more information, visit woodmac.com. |
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