The American Clean Power Association (ACP) has unveiled its inaugural Solar Market Monitor, projecting a groundbreaking 2024 for the US solar industry with over 32GW of installations anticipated. This milestone not only highlights the rapid expansion of solar energy in the United States but also underscores ACP’s commitment to delivering industry-specific insights into one of the fastest-growing renewable energy sectors.
The Solar Market Monitor, produced in collaboration with S&P Global Commodity Insights, offers a comprehensive analysis of the utility-scale solar industry, shedding light on current trends and future opportunities. This biannual report delves into critical areas such as capacity growth, project economics, technological advancements, policy impacts, and power market dynamics—creating a roadmap for understanding and navigating the evolving solar landscape.
According to the report, the US solar market is poised for sustained growth, with a Compound Annual Growth Rate (CAGR) of 6.6% projected from 2025 to 2030. By the end of the decade, annual installations are expected to climb to an impressive 37GW. A key driver of this growth is the continued decline in solar capital costs, forecast to drop by 14% by 2035, largely due to decreasing module prices. Overall, US solar installations are set to increase by 16% by 2030, cementing the sector’s role in the nation’s clean energy transition.
John Hensley, ACP’s Senior Vice President of Policy and Market Analysis, emphasized the significance of this report, stating: “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. This inaugural report highlights how solar has solidified itself as a clean and cost-competitive energy resource for the US. Moving forward, this resource will help the industry navigate the dynamic US solar marketplace.”
The collaboration between ACP and S&P Global Commodity Insights adds a new layer of depth to the analysis, leveraging cutting-edge data, such as S&P’s daily solar module price assessments. Eduard Sala, S&P’s Clean Energy Technology Lead, expressed enthusiasm for the partnership: “We are excited to announce S&P Global Commodity Insights’ collaboration with ACP as a clean energy technology knowledge partner. This relationship brings together S&P’s 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.”
This report sets the stage for an exciting year in US solar, spotlighting its transformative potential as both a clean and cost-effective energy source. With decreasing costs, policy advancements, and continued innovation, the US solar industry is well-positioned to achieve unprecedented growth and play a critical role in the global shift toward renewable energy. #SolarEnergy #CleanPower #RenewableEnergy #ACPSolarMonitor #SolarGrowth #USRenewables #EnergyTransition #SustainableFuture #SolarInnovation #GreenEnergy