US Solar Industry Breaks Records in 2023, Faces Challenges in 2024

The US is set to add a record-breaking 33 GW of solar capacity in 2023, with California and Texas leading in new installations. However, challenges are expected in 2024 due to economic factors and regulatory issues. Despite this, solar is projected to be the largest source of generating capacity in the US by 2050. The residential solar segment saw a record number of installations in Q3, but a decline is expected next year before growth resumes in 2025. Financing costs, transformer shortages, and interconnection bottlenecks are impacting the utility-scale segment. The US solar industry is expected to continue growing, but innovation, interconnection reform, and regulatory modernization will be crucial for maximizing solar's value on the grid.