New Solar Market Report Projects Record Year for 2024

New Solar Market Report Projects Record Year for 2024

Press Release

• Record year projected for US solar in 2024

• New biannual report, produced exclusively for ACP by S&P Global Commodity Insights, tracks key factors shaping U.S. solar sector's progress

• ACP expands portfolio of market report offerings to solar sector

WASHINGTON DC, November 25, 2024 - The American Clean Power Association (ACP) today announced the release of the inaugural Solar Market Monitor, a market analysis of the domestic utility-scale solar industry produced by S&P Global Commodity Insights. The new report includes projections of a record-breaking year for solar, with over 32 GW of installations for 2024.

The new report marks a significant milestone for ACP, expanding its portfolio of industry-specific analyses to include the rapidly growing solar sector.

The biannual Solar Market Monitor delivers insights into current and future solar market trends, covering capacity, project economics, technological developments, policy developments, and power market outlooks. It offers an informed view of the industry's trajectory and the key factors shaping the American solar sector's progress.

Key findings from the report include:

• 2024 is projected to break records for solar, with over 32 GW of project additions.
• The U.S. solar market is projected to grow with a Compound Annual Growth Rate (CAGR) of 6.6% from 2025 to 2030, reaching 37 GW of annual new installations in the final year of this decade.
• Solar capital costs are expected to continue decreasing, with a projected 14% reduction by 2035, primarily driven by declining module prices.
• Total installations in the U.S. are forecast to grow by 16% by 2030.

"The launch of the Solar Market Monitor represents the leading role ACP plays in providing unique insights and analysis for an ever-evolving solar industry, its growth, and policy and market challenges in the road ahead, said John Hensley, Senior Vice President of Policy & Market Analysis at ACP. "This inaugural report highlights how solar has solidified itself as a clean and cost-competitive energy resource for the U.S. Moving forward, this resource will help the industry navigate the dynamic U.S. solar marketplace."

The report leverages S&P Global Commodity Insights' extensive data and analysis capabilities, including their newly launched daily solar module price assessments. This collaboration ensures that ACP members have access to the most current and comprehensive market intelligence available.

"We are excited to announce S&P Global Commodity Insights' collaboration with ACP as a clean energy technology knowledge partner," said Eduard Sala de Vedruna, Clean Energy Technology Lead at S&P Global Commodity Insights. "This relationship brings together S&P Global Commodity Insights' Research and Consulting teams to provide valuable integrated data and insights on the supply chain, technology, and demand. We are pleased to work with ACP to provide a new way of measuring the development of this growing sector."

The Solar Market Monitor will be published biannually and is available exclusively to ACP members.

The American Clean Power Association (ACP) is the leading voice of today's multi-tech clean energy industry, representing over 800 energy storage, wind, utility-scale solar, clean hydrogen and transmission companies. ACP is committed to meeting America's national security, economic and climate goals with fast-growing, low-cost, and reliable domestic power.

Follow ACP on LinkedIn, Instagram, Facebook, and Twitter, and learn more at cleanpower.org.