• A recent report found that the U.S. solar industry had a record year in 2024. Together with energy storage, it accounted for 84% of the new electricity generation capacity added to the nation’s power grid. Nearly 50 gigawatts of solar power were installed, the largest annual energy source expansion in over 20 years.
• The report also highlighted industry concerns over potential federal policy changes under the Trump administration, which could stunt the growth of American solar energy.
• Projections show U.S. solar capacity could reach 739 gigawatts by 2035. Still, changes to renewable energy policies may lead to a decline of 130 gigawatts over the next decade and $250 billion in lost investments.

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The U.S. solar industry achieved record growth in 2024. However, concerns over potential federal policy changes have cast uncertainty over its future.

How much did the US solar industry grow in 2024?

According to a report released Tuesday, March 11, by the Solar Energy Industries Association (SEIA) and research firm Wood Mackenzie, solar and energy storage accounted for 84% of new electricity generation capacity added to the U.S. power grid last year.

In total, nearly 50 gigawatts of solar power were installed, marking the most significant annual expansion of any energy technology in more than two decades. This rapid growth was bolstered by over $70 billion in private investment in the U.S. solar sector throughout the year.

What challenges is the US solar industry facing?

The report also outlines industry concerns about potential policy shifts under President Donald Trump, particularly regarding renewable energy tax credits and funding provisions from the Biden-era Inflation Reduction Act. The Trump administration has signaled intentions to roll back these incentives, which played a key role in supporting the industry’s expansion.

What happens next?

Projections made by the SEIA and Wood Mackenzie suggest that total U.S. solar capacity could reach 739 gigawatts by 2035, enough to power more than 550 million homes.

However, the two organizations warn that if clean energy policies are significantly altered, solar deployment could decline by 130 gigawatts over the next decade, potentially leading to an estimated $250 billion in lost investment.