The U.S. solar industry installed more power on the grid last year than any single technology in more than two decades, but the sector could face a sharp downturn if Congress overturns tax credits and curtails spending from the Inflation Reduction Act, according to a new report.
The analysis from the Solar Energy Industries Association and Wood Mackenzie reported that solar and storage accounted for 84 percent of new grid capacity last year, reaching almost 50 gigawatts. Solar alone accounted for 66 percent. Domestic manufacturing of solar panels tripled, setting up the prospect for existing factories to meet all U.S. demand for that technology.
“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,” SEIA President Abigail Ross Hopper said in a statement.
The report arrived a day after Energy Secretary Chris Wright criticized solar and wind power at the CERAWeek by S&P Global conference in Houston, adding to attacks on solar from President Donald Trump.
