Solar and energy storage technologies accounted for 84% of the new generation capacity added to the U.S. grid last year, according to a report released by the American Solar Energy Association and Wood Mackenzie on March 11. However, the industry is facing severe challenges as the new U.S. government's energy policies are implemented. In the report, the Solar Energy Industries Association (SEIA) and Wood Mackenzie Group predicted that the United States will add 50 gigawatts (GW) of solar capacity by 2024, and pointed out that 2024 will be the fastest year for any energy technology in the past two decades.
The report further predicts that by 2035, the total installed solar capacity in the United States is expected to reach 739 GW. However, the report also warned that changes in federal tax incentives, supply chain availability, and adjustments to licensing policies may lead to a slowdown in solar deployment. The report pointed out that under the lower forecast scenario, solar deployment will be 130 GW less than the baseline forecast in the next decade, which is equivalent to a loss of nearly $250 billion in investment.