Solar energy "dominates" the US - It accounts for 84% of the total new capacity added in 2024
Solar power accounted for 84% of new power generation capacity added in the United States last year. But the industry faces a challenging future, due to the Trump administration's energy policies.
The country installed 50 gigawatts (GW) of new solar capacity last year, the Solar Energy Industries Association said in a report, adding that 2024 was the year with the largest growth in energy technologies in more than two decades.
The solar industry was a major beneficiary of subsidies included in former President Joe Biden's landmark 2022 climate change law, the Inflation Reduction Act (IRA).
The Trump administration has said it was reviewing federal funding plans and any elimination of tax credits issued under the Inflation Reduction Act of 2022 would impact the clean energy sector.
The sector has been on high alert since the election of Donald Trump, whose first executive orders prioritized fossil fuel production in the U.S. The new administration also halted federal wind projects and froze Biden's funding for clean energy projects.
Total U.S. solar capacity is expected to reach 739 GW by 2035, the report said, warning that changes in federal tax credits, supply chain availability and permitting policy will cause a slowdown in the sector.
"Last year's record level of installations was aided by several policies and solar credits within the Inflation Reduction Act that helped drive interest in the solar market," the analysts explain. "We still have many challenges ahead, including unprecedented increases in load on the electric grid. If many of these policies were to be eliminated or significantly changed, it would harm the industry's continued growth," they add.
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