wood mackenzie

Changes to tax credits under the Inflation Reduction Act (IRA) could “jeopardise” nearly 300 US solar and energy storage manufacturing facilities, according to trade body the Solar Energy Industries Association (SEIA).

Solar and storage projects accounted for 84% of electricity generating capacity added in 2024, with solar seeing 50GW of new capacity.

Solar PV growth is expected to slow down in Brazil and Chile due to ongoing issues of curtailment and transmission infrastructure.

US community solar has installed a record of 1.7GW in 2024, a 35% increase from 2023, according to a report from Wood Mackenzie and trade body the Coalition for Community Solar Access.

The US added 8.6GW of new solar capacity in the third quarter of this year and began solar cell manufacturing for the first time since 2019.

WoodMackenzie has forecast floating solar PV (FPV) installations to reach 77GW by 2033, with 1.7GW of capacity additions in 2024.

Wood Mackenzie director of energy transition practice, David Brown, said that a Trump administration 'will not change' demand for solar PV in the US in the 'near term'.

The average global LCOE for fixed-axis solar PV systems in 2024 reached US$66/MWh, ranging from US$28/MWh to US$117/MWh.

Wood Mackenzie and the CCSA expect the US community solar sector to add 7.3GW of new capacity in the next five years.

China accounted for more than half of the 536GW of solar PV inverters shipped globally in 2023, due to the country's solar growth last year.