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HomeRenewablesUS residential solar takes a hit in Q1 2024

US residential solar takes a hit in Q1 2024

In the first quarter of 2024, the U.S. solar industry installed 11.8 GW of new solar capacity, bringing the country’s total to 200 GW. This is according to the latest “U.S. Solar Market Insight” report from SEIA and Wood Mackenzie.

The report also publishes the final numbers for 2023 — the country added over 40 GW of new solar capacity last year. Wood Mackenzie expects that the U.S. solar industry will install another 40 GW in 2024.

Massive growth in the utility-scale market is driving record solar deployment figures as the segment added nearly 10 GW of new capacity in Q1. Florida and Texas saw strong utility-scale growth and led all states for new solar capacity in Q1. Other markets like New Mexico and Ohio also had strong quarters, installing 686 and 546 MW, respectively.

“The U.S. solar industry continues to show strength in terms of deployments,” said Michelle Davis, head of global solar at Wood Mackenzie and lead author of the report. “At the same time, the solar industry faces a number of challenges to its continued growth including availability of labor, high voltage equipment constraints, and continued trade policy uncertainty.”

The residential solar segment is feeling the full weight of policy changes in California and experienced its worst quarter in two years, installing just 1.3 GW — a 25% decline year-over-year and 18% quarter-over-quarter. The commercial (434 MW) and community solar (279 MW) markets remained steady year-over-year.

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