U.S. Solar Installations in Q1 2024 Surpass 100 GW Milestone
The first quarter of 2024 marked a significant milestone for the U.S. solar industry, with installations rising by 21% year-over-year. S&P Global Commodity Insights data explains that this surge has pushed the nation’s cumulative solar capacity past the 100 GW mark.
According to Carbon Credits, this is a testament to the accelerating adoption of renewable energy driven by favorable policies and market dynamics. Per S&P Global Market Intelligence data, developers installed 3,379 MW of utility-scale solar during this period, boosting the total solar capacity to an impressive 100,883 MW.
The increase in solar installations can be largely attributed to the Inflation Reduction Act (IRA) and its associated incentives. These incentives have boosted the solar industry, enabling companies to capitalize on financial benefits and invest heavily in solar infrastructure.
