Fall 2024 Solar Industry Update

Summary

The Fall 2024 Solar Industry Update from NREL highlights significant growth in the U.S. solar sector, projecting over 220 GWac of PV capacity by the end of 2025. The U.S. installed 14.1 GWh (4.3 GWac) of energy storage in Q1/Q2 2024, marking a record first half. Domestic PV module production saw a 75% year-over-year increase to 4.2 GW in H1 2024, bolstered by over 95 GW of manufacturing capacity announcements since the IRA. While U.S. module prices dropped to $0.31/Wdc in Q2 2024 (down 16% y/y), they maintained a 190% premium over global spot prices. The document details the preliminary imposition of countervailing duties (0-300%) on imports from several Southeast Asian countries and notes that 75% of the 12.5 GW annual cell import quota was utilized by late October 2024. Key policy developments include clarification for a 25% tax credit for domestic ingot/wafer production and Rhode Island's new target of 600 MW of energy storage by 2033 to achieve 100% clean energy. Overall, the report illustrates robust growth, evolving trade dynamics, and significant policy support for the U.S. solar industry.

Key Facts

Source Document

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