US set to install 32GW utility-scale solar PV in 2024

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A solar project in Germany.
In a new report from ACP and S&P Global Commodity Insights, they forecast a 16% drop in utility-scale solar additions in 2025. Image: Andreas Gücklhorn via flickr

The American Clean Power Association (ACP) has forecasted that the US is set to add 32GW of utility-scale solar PV capacity in 2024.

ACP released a new report, Solar Market Monitor, which was produced by S&P Global Commodity Insights, where it predicts a drop in utility-scale solar additions for 2025.

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The record addition of capacity for this year is due to the requirement of imported modules during the anti-circumvention moratorium – set in place by US president Joe Biden in 2022, for a duration of two years –  need to be operational by December 2024.

This year’s capacity additions for utility-scale alone would nearly match all solar PV capacity added in 2023. Last year, the US added 32.4GW of solar PV – which includes utility-scale, residential, commercial & industrial and community solar – which was a 51% year-on-year increase, according to data from the Solar Energy Industries Association (SEIA) and Wood Mackenzie. Compared with utility-scale numbers, it would be a 10GW increase from the 22.5GW registered by SEIA and WoodMac in 2023.

After a record year in 2024, utility-scale is forecast to drop by 16% in 2025 with 27GW of additions, before increasing by 6.6% on a yearly basis until 2030. By the end of the decade, the US will add over 37GW of utility-scale solar capacity in 2030 alone.

During that timeframe, the levelised cost of energy (LCOE) for utility-scale PV is expected to drop from US$46/MW in 2024 to US$38/MW in 2030.

The report highlights that the short term LCOE has been improved due to polysilicon price decline, however this could be thwarted by the implementation of new tariffs by upcoming US president Donald Trump.

John Hensley, Senior Vice President of Policy & Market Analysis at ACP, said: “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.”

Despite uncertainties regarding the implementation of new tariffs or other policies from Trump, the renewables industry is expected to remain competitive in the US over the coming four years, according to a recent report from energy analyst firm Wood Mackenzie.

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