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- Utility scale solar capacity in the U.S. is set to grow by over 32 gigawatts in 2024.
- The U.S. solar market is projected to grow at a 6.6% annual rate through 2030.
- Utah ranks 13th in solar capacity, with investments totaling $5.1 billion.
SALT LAKE CITY — It may be a bit dreary outside in Utah, but the American Clean Power Association has bright news when it comes to the growth of utility scale solar capacity across the country, predicting record-breaking growth of over 32 gigawatts of installation for 2024.
To put that in perspective, a gigawatt is 1 million kilowatt hours or enough to potentially power 876,000 homes.
The biannual Solar Market Monitor delivers insights into current and future solar market trends, covering capacity, project economics, technological developments, policy developments and power market outlooks. It offers an informed view of the industry's trajectory and the key factors shaping the American solar sector's progress.
It notes these key takeaways:
- The U.S. solar market is projected to grow with a compound annual growth rate of 6.6% from 2025 to 2030, reaching 37 gigawatts of annual new installations in the final year of this decade.
- Solar capital costs are expected to continue decreasing, with a projected 14% reduction by 2035, primarily driven by declining module prices.
- Total installations in the U.S. are forecast to grow by 16% by 2030.
"The launch of the Solar Market Monitor represents the leading role (American Clean Power) plays in providing unique insights and analysis for an ever-evolving solar industry, its growth, and policy and market challenges in the road ahead," said John Hensley, senior vice president of policy and market analysis at the American Clean Power Association. "This inaugural report highlights how solar has solidified itself as a clean and cost-competitive energy resource for the U.S. Moving forward, this resource will help the industry navigate the dynamic U.S. solar marketplace."
Utah is one of the best states for solar potential. It is a high-desert area, which can capture the sun and turn it into energy.
The Solar Energy Information Association notes there is a $5.1 billion investment in solar in Utah, with the state ranking 13th in the nation for the capacity installed. So far, that is enough to power more than 600,000 homes. Utah gets approximately just a bit over 16% from solar energy. The price has fallen over 40%, the report notes.
"It is great news, especially as we are thinking about growing generation in Utah. Solar is the fastest thing we can build in our near team plan," said Logan Mitchell, climate scientist and energy analyst for Utah Clean Energy. "It is all going to be about solar and batteries here in Utah."
Mitchell added that it is about economics and growth.
"Solar is the key piece to the puzzle," he said.
