In the weeks leading up to the 2024 US presidential election, pv magazine USA held a three-day virtual event convening industry leaders to discuss solar, energy storage, and more.
The Republicans will soon hold power in the United States. While the party has historically been fossil fuel-friendly, and hard on renewables, the undeniable value of solar has created a strong foothold in the energy market. Solar represented roughly 60% of new electricity generation capacity added in the United States in 2024.
pv magazine USA Week opened with a day focused on solar energy as a cost-competitive solution. Day two considered small-scale, “distributed” solar and energy storage, such as residential rooftop solar. Day three highlighted the unprecedented return of PV manufacturing to the United States through investment and support outlined in the US Inflation Reduction Act (IRA).
Winning on cost
The IRA has been proven to be a significant economic driver since it was introduced in 2022. It has stimulated job growth, an investment frenzy, and rapid growth in solar capacity. More than 36% of US solar capacity has been added since the legislation came into force, according to a report from the Solar Energy Industries Association (SEIA) and research firm Wood Mackenzie. The Solar Market Insight Report Q3 2024 revealed that 75 GW of solar had been deployed since the passage of the IRA.
By 2029, total solar capacity is expected to double to 440 GW. Panelists on day one of pv magazine USA Week discussed the facts behind the numbers, what contributes to lower costs, and some of the bottle necks to the solar buildout.
Day one panelists included Dominic Buergi, global head of services for renewable energy at electrical equipment supplier Stäubli; Lesley Hunter, senior vice president for policy and engagement at non-profit the American Council on Renewable Energy (ACORE); Jarell Mason, strategic partnerships manager at solar software company Helioscope Aurora Solar; and Joseph Wyer, principal analyst for energy markets and policy at clean-energy data company Ohm Analytics.
Home energy evolution
Residential solar and energy storage is increasingly being offered alongside electric vehicle charging, demand-response tools, smart thermostats, and more.
pv magazine USA was joined on the panel discussion by policy and incentive database provider NC Clean Energy Technology Center, distributed solar quote marketplace operator EnergySage, home energy storage provider Briggs & Stratton, and residential solar installer Sunnova Energy.
The struggle faced by residential solar installers in 2024 saw slower revenue growth and bankruptcies of major providers. A combination of high interest rates and shifting policy, including the decline of net energy metering, challenged the industry, ending operations for some, including SunPower and Titan Solar Power.
“Just two years ago, the median interest rate included in loans on Energysage was under 3%, whereas in the first half of this year it was over 7.5%,” said EnergySage Director of Insights Spencer Fields. “So the Fed’s [the US Federal Reserve] rate cut, we anticipate will make a huge difference here.”
The panel described the U.S. electricity grid as aging, expensive, and possibly no longer suited to provide reliable and affordable power. In some cases, customers are opting for battery energy storage, and to go off-grid or “grid-independent.”
“Storage is a way to combat an aging infrastructure,” said Sequoya Cross, vice president of energy storage at Briggs and Stratton. “I think this idea of being off grid is more an idea of being grid-independent or looking at a way to be more self-sufficient.”
U.S. manufacturing
The U.S. government wants a 50% reduction in greenhouse gas emissions by 2030. A recent report by ACORE and Clean Energy Associates (CEA) said many recent models suggested 500 GW of cumulative PV installations will be needed to achieve that goal.
pv magazine USA Week day three panelists included Michael Carr, executive director of the Solar Energy Manufacturers for America Coalition; C.J. Colavito, vice president of engineering at developer Standard Solar; Christian Roselund, senior policy analyst at CEA; and Craig Walker, sales manager for the USA at Soltec Trackers, North America.
The SEIA said a record 11 GW of new annual solar module manufacturing capacity came online in the United States in January-March 2024 – a 71% increase. The panel said the United States needs comparable increases in cell, wafer, ingot, and polysilicon capacity to establish a domestic supply chain.
“We have industrial policy and it’s clearly effective but we’re stumbling over the details,” said Roselund.
The industry may now need to wait a bit longer for clarity on the Trump administration’s interpretation and approach to U.S. solar manufacturing. While some aspects of the domestic content bonus in the IRA may change, most analysts agree that the core manufacturing incentives – the 45X manufacturing tax credits – will likely be safe from a Republican repeal.
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