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					</table>The U.S. solar industry installed 11.8 GWdc of capacity in the first quarter (Q1) of 2024, marking the second-best quarter for the industry, only behind the last quarter of 2023, according to the U.S. Solar Market Insight Q2 2024 report by <a href="https://www.woodmac.com/" target="_blank" rel="noopener">Wood Mackenzie</a> and Solar Energy Industries Association (<a href="https://www.seia.org/" target="_blank" rel="noopener">SEIA</a>).
Solar accounted for 75% of all new electricity-generating capacity added to the U.S. grid in Q1. Florida installed the most solar at 2.7 GWdc, with Texas as a close second with 2.6 GWdc. For both states, the vast majority of these installations were utility-scale.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/US-capacity-additions.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-66992 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/US-capacity-additions.png" alt="US capacity additions" width="752" height="417" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/US-capacity-additions.png 752w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/US-capacity-additions-300x166.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/US-capacity-additions-650x360.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/US-capacity-additions-624x346.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/US-capacity-additions-600x333.png 600w" sizes="(max-width: 752px) 100vw, 752px" /></a>
Utility-scale solar 
The utility-scale solar segment had a record-breaking first quarter in 2024, adding 9.8 GWdc, a 135% YoY increase. This performance was driven by a backlog of projects initially scheduled to come online in 2023 and the temporary waiver of tariffs on imported Southeast Asian crystalline silicon modules.
Utility-scale solar is expected to maintain strong demand, driven by utility procurements, corporate clean energy goals, and state-mandated targets. However, the buildout of utility-scale solar projects is expected to face challenges due to labor availability, high-voltage equipment constraints, and permitting and interconnection issues, according to the report.
Despite these challenges, 184 GWdc of new utility-scale solar will come online between 2024 and 2029, with an average annual buildout of 30 GWdc.
Residential solar
In Q1 2024, the residential solar market added 1.3 GWdc, a 25% year-over-year (YoY) decrease and an 18% reduction from the previous quarter. This decline marks the lowest quarterly installation volume since Q1 2022.
The residential segment faces significant challenges, such as high interest rates and California&#8217;s transition to net billing. The persistent high financing costs have adversely affected installation volumes, particularly in states like Texas, where top installers reported over 60% reductions compared to Q1 2023.
Many installers are adopting creative strategies to maintain revenue, such as participating in solar co-op programs and diversifying their offerings to include system servicing, storage retrofits, and roof replacements.
Despite these challenges, some states are expected to grow this year due to lower module prices, a rapidly growing third-party ownership segment, and significant retail rate increases.
However, the overall outlook for the residential solar market in 2024 remains subdued, with an anticipated 14% YoY contraction.
Commercial Solar
The commercial solar segment added 434 MWdc in Q1 2024, reflecting a 1% YoY decline and a 38% drop from the previous quarter. Solid installation volumes in mature markets such as California, Illinois, and New York largely support the stability of the commercial solar market.
California installed 152 MWdc of commercial solar capacity during the quarter, driven by projects submitted under NEM 2.0. Thanks to the Illinois Shines program, Illinois saw a significant 212% increase YoY, with 61 MWdc installed.
New York also had a strong quarter of installations due to its efficient interconnection processes.
Despite these positive trends, developers face challenges with interconnection timelines and high development costs.
The commercial solar market is expected to grow by 14% in 2024, driven by the buildout of NEM 2.0 projects in California and the Illinois Shines program.
However, national installations are expected to decline in 2025 due to the completion of the NEM 2.0 pipeline and increasing market saturation.
Community solar
Community solar installations remained relatively flat YoY in Q1 2024, with 279 MWdc of new capacity, but a 32% decrease from Q4 2023.
New York led the segment with a 17% YoY growth, accounting for 46% of the national installed capacity. States like Illinois, Colorado, and Virginia also contributed to the national installations.
However, the overall growth of the community solar market is expected to be modest, with a projected 4% increase in 2024. The recent decision by the California Public Service Commission to reject the widely backed Net Value Billing Tariff proposal has significantly impacted the long-term growth prospects of the community solar market.
As a result, the five-year outlook for community solar in California has been drastically reduced. The national community solar market is expected to grow at an average rate of 5% annually through 2026 and then contract by 11% on average through 2029.
U.S. solar forecasts
The U.S. solar industry is expected to install about 40 GWdc of capacity in 2024, similar to the record growth achieved in 2023. This represents an annual installation volume double the size of just two years ago, according to the report.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/US-forecast.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-66993 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/US-forecast.png" alt="US forecast" width="752" height="415" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/US-forecast.png 752w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/US-forecast-300x166.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/US-forecast-650x359.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/US-forecast-624x344.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/US-forecast-600x331.png 600w" sizes="(max-width: 752px) 100vw, 752px" /></a>
However, growth patterns vary across different segments. Residential solar is expected to shrink by 14% YoY, driven by a 40% decline in California installations due to the net billing tariff.
Commercial solar is expected to grow by 14%, primarily driven by growth in California and Illinois.
Community solar is expected to grow by 4% in 2024 as some states, such as Illinois and Virginia, are seeing growth.
Due to various constraints, utility-scale solar growth is expected to remain flat in 2024 and 2025. The pipeline is strong, but a lack of labor availability, high voltage equipment constraints, and continued trade policy uncertainty suppresses buildout.
From 2026-2029, annual growth will average single digits as the various segments balance each other out. In this timeframe, residential solar will grow by 9%, and commercial solar will grow by 11% on average. By contrast, community solar will shrink by 8%, and utility-scale solar will only increase by 3% on average.
Manufacturing
Domestic module manufacturing capacity increased to 26.6 GW in Q1 2024 compared to 15.6 GW in Q4 2023. Once this capacity fully ramps up, it will be sufficient to supply about 70% of domestic demand, according to the report.
Solar pricing
In Q1 2024, residential and commercial solar system costs decreased by 4% and 12% YoY due to a decline in module prices. Residential system pricing fell due to lower module prices and reduced system costs. Commercial system pricing also saw a significant reduction due to similar factors.
However, utility-scale system costs increased by 5% for fixed-tilt systems and 4% for single-axis tracking systems, primarily due to higher transformer costs and rising labor and engineering costs.
The transformer supply shortages and increased costs contributed significantly to the rise in utility-scale solar system pricing, according to the report.
The solar market in the U.S. <a href="https://www.mercomindia.com/2023-best-year-us-solar-industry/" target="_blank" rel="noopener">installed</a> 32.4 GW capacity in 2023, a 51% YoY increase.
Recently, the U.S. <a href="https://www.mercomindia.com/us-proposes-expanding-new-clean-electricity-production-tax-credits/" target="_blank" rel="noopener">proposed</a> new incentives under the Inflation Reduction Act by offering tax credits for electricity produced with low or zero greenhouse gas emissions, aligning financial assistance with environmental objectives.

US Adds 11.8 GW of Solar in Q1 2024, Led by Florida and Texas

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					</table><a href="https://www.mercomindia.com/plagued-by-project-delays-plummet-by-44-in-2023/" target="_blank" rel="noopener">Solar installations in India dropped 44.1% in the calendar year 2023, with a capacity of 7.5 GW added against 13.4 GW in 2022, according to Mercom India’s Q4 &amp; Annual 2023 India Solar Market Update.</a> Large-scale solar installations saw a year-over-year drop of 50.8%, accounting for 5.8 GW from 11.7 GW in 2022. Large-scale solar installations constituted 77.2% of the total annual capacity additions, while rooftop solar made up the remaining 22.8%.
<a href="https://www.mercomindia.com/brightnight-renew-acme-win-nhpcs-renewables-auction/" target="_blank" rel="noopener">BN Hybrid Power-1 (BrightNight), Hero Solar Energy (Hero Future Energies), Solarcraft Power India 20 (BluPine Energy), Juniper Green Energy, ReNew Solar Power (ReNew), and ACME Cleantech Solutions</a> were declared winners in NHPC’s auction to supply 1.5 GW of firm and dispatchable renewable power (Peak Power Supply) from inter-state transmission system (ISTS)-connected projects coupled with energy storage systems anywhere in India.
<a href="https://www.mercomindia.com/maharashtra-floats-solar-power-under-kusum/" target="_blank" rel="noopener">MSEB Solar Agro Power has floated 14 tenders to procure a cumulative capacity of 3,048 MW solar power under Component C of Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan program</a> for feeder-level solarization. The last date for the submission of bids is February 27, 2024. Bids will be opened on the same day. The projects will be developed under Phase 2 of the Mukhyamantri Saur Krushi Vahini Yojana program.
<a href="https://www.mercomindia.com/gujarat-rules-green-open-access/" target="_blank" rel="noopener">The Gujarat Electricity Regulatory Commission has issued the Gujarat Electricity Regulatory Commission (Terms and Conditions for Green Energy Open Access) Regulations, 2024,</a> to include rules for banking and other open access charges applicable for green energy open access consumers. The regulations will apply to power generated through the open access model from green energy sources, including the energy from non-fossil fuel-based municipal solid waste-to-energy projects for the use of intra-state transmission and distribution systems.
<a href="https://www.mercomindia.com/cerc-lifts-scheduling-restrictions-solar-projects/" target="_blank" rel="noopener">Central Electricity Regulatory Commission has stayed the scheduling restrictions imposed by the Western Regional Load Dispatch Centre on Tata Power Renewable Energy’s and Electro Solaire’s solar power projects</a> over the non-compliance of reactive power support. Last October, the Central Electricity Authority directed 20 renewable energy projects that had received provisional or conditional connectivity approvals to submit compliance reports, specifying the capacity of non-compliance that should be curtailed or suspended until they fully meet the regulatory requirements.
<a href="https://www.mercomindia.com/solaredge-ninefold-increase-net-loss-q4-2023/" target="_blank" rel="noopener">SolarEdge, an Israel-based solar inverter manufacturer, recorded a net loss of $162.4 million in the fourth quarter (Q4) of 2023, an 880% year-over-year) drop from the net profit of $20.8 million,</a> primarily due to the higher interest rates and lower power prices, causing an inventory buildup and slowing down the shipments. The company’s revenues were down by 65% to $316 million in Q4 from $890.7 million during the same quarter last year.
<a href="https://www.mercomindia.com/vena-energy-secures-600-million-loan/" target="_blank" rel="noopener">Singapore-based renewable energy firm Vena Energy signed a five-year sustainability-linked revolving credit facility worth JP¥87 billion (~$600 million) to accelerate its operations in the Asia-Pacific region.</a> The company has a renewable energy capacity of over 3 GW and over 4 GW of additional capacity under construction or contract. The facility is structured as a sustainability-linked loan with credit margins tied to Vena Energy’s performance on key ESG indicators.
<a href="https://www.mercomindia.com/sunrun-swings-to-q4-loss/" target="_blank" rel="noopener">United States-based residential solar, battery storage, and energy services company Sunrun swung to a loss in the fourth quarter of 2023, hurt by lower sales, higher interest expense, and a non-cash investment charge</a>. The company reported a net loss of $350.1 million in Q4 2023 versus net income of $63 million in Q4 2022. Excluding the $58.6 million non-cash charge related to its investment in Lunar Energy, the Nasdaq-listed company recorded a loss of $291.5 million.
<a href="https://www.mercomindia.com/us-forecast-to-scale-solar-capacity-in-2024/" target="_blank" rel="noopener">According to the U.S. Energy Information Administration, the outlook for 2024 suggests a dynamic and transformative period for the country’s energy landscape, with solar and battery storage taking center stage</a>, complemented by contributions from wind, natural gas, and nuclear sources. Among the anticipated additions, solar power is expected to take the lead, contributing 58% of the new capacity, followed closely by battery storage at 23%. These projections are based on EIA’s latest “Preliminary Monthly Electric Generator Inventory.”
<a href="https://www.mercomindia.com/carbon-intensity-regulation-imperative-low-carbon-hydrogen/" target="_blank" rel="noopener">Emissions from green hydrogen produced from 100% grid power could be as high as 50 kilograms of CO2 equivalent per kilogram of hydrogen (kgCO2e/kgH2) – worse than brown hydrogen – if the electrolyzer is connected to a grid powered by fossil fuels.</a> The findings were a part of Wood Mackenzie’s Horizons report. This situation might occur if around 30% of the 565 GW of announced or operational green hydrogen projects are connected to the grid. Currently, the global hydrogen market is dominated by carbon-intensive grey or brown hydrogen, totaling around 90 million tons per annum.

Daily News Wrap-Up: India’s Solar Capacity Additions Drop by 44% in 2023

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					</table><a href="https://www.mercomindia.com/blupine-loan-120-mw-solar-project/" target="_blank" rel="noopener">Renewable energy company BluPine Energy has announced the financial closure of ₹5.11 billion (~$61.3 million) for its 120 MW solar project in Gujarat.</a> The green loan financing for the project was secured from Standard Chartered. The total investment for the project is valued at ₹6.65 billion (~$79.8 million). Upon completion, the project is expected to generate about 323,000 MWh of solar energy annually, offsetting an estimated 296,000 tons of CO2 and providing power to approximately 270,000 households.
<a href="https://www.mercomindia.com/odisha-generic-tariffs-small-hydro" target="_blank" rel="noopener">Odisha Electricity Regulatory Commission has determined the generic tariff and prices for renewable energy projects, including small hydro, biomass, and non-fossil</a> fuel-based co-generation power projects. The control period of the tariff will span three financial years, starting from the beginning of the financial year (FY) 2023-24 and ending at the conclusion of FY 2025-26 for all renewable power projects. For small hydroelectric projects, the control period extends from the beginning of FY 2023-24 to the end of FY 2027-28.
<a href="https://www.mercomindia.com/india-based-kpit-unveils-ion-battery-technology/">Pune-headquartered KPIT Technologies, an autonomous software integration partner for the automotive and mobility sector, has introduced its sodium-ion battery technology</a> with the aim of alleviating lithium dependency in India’s energy storage sector. The technology is anticipated to decrease reliance on imported core battery materials and boasts various applications within the automotive and mobility realms, particularly for electric two and three-wheelers and commercial vehicles.
<a href="https://www.mercomindia.com/exponent-secures-26-4-million-series-b-funding" target="_blank" rel="noopener">Bengaluru-based electric vehicle (EV) charging and battery startup Exponent Energy has raised $26.4 million in a series B funding round led by Eight Roads Ventures</a> and a strategic investment from TDK Ventures, marking their debut investment in India’s EV sector. The company plans to utilize the fresh funding to expand its presence to five new cities by the fiscal year 2024. The startup aims to diversify its electric three-wheeler space offerings and enter the intercity e-bus segment in 2024. By 2025, Exponent envisions deploying 1,000 charging stations and powering 25,000 EVs with their innovative technology. The latest funding brings Exponent’s total capital raised to $44.4 million.
<a href="https://www.mercomindia.com/us-record-storage-capacity-in-q3-2023/" target="_blank" rel="noopener">The U.S. energy storage market installed 7,322 MWh in the third quarter (Q3) of 2023, the highest capacity in a quarter to date, according to the U.S. Energy Storage Monitor report</a> by Wood Mackenzie and the American Clean Power Association. The cumulative capacity of energy storage installations in 2023 reached 13,518 MWh, surpassing the total volume in the whole of 2022, which stood at 11,976 MWh. The report suggests that installations in Q3 could have been higher if not for the delay experienced by 80% of the projects that were in the pipeline.
<a href="https://www.mercomindia.com/lcoe-primary-driver-choosing-right-solar-inverter-size/" target="_blank" rel="noopener">As solar power installations continue to grow, it has become crucial to optimally size the solar photovoltaic (PV) inverters to maintain their efficiency and performance</a> to manage power generation in high ambient temperatures. Mercom India hosted a webinar titled “Optimal Sizing of PV Inverters for Robust Performance in High Ambient Temperatures” on December 12, 2023, where industry experts discussed the factors involved in optimally sizing solar PV inverters for diverse locations and temperatures and achieving higher performance.

Daily News Wrap-Up: BluPine Gets ₹5.11 Billion Loan for 120 MW Solar Project

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					</table>The energy storage market in the United States, including grid-scale, residential and community, commercial, and industrial segments, experienced an 80% year-over-year (YoY) growth in the second quarter (Q2) of 2023, adding a total of 5,597 MWh, found the latest report by <a href="https://www.woodmac.com/" target="_blank" rel="noopener">Wood Mackenzie</a> and <a href="https://cleanpower.org/" target="_blank" rel="noopener">American Clean Power Association</a>.
The report reveals that the grid-scale energy storage segment was pivotal in driving this growth with 5,109 MWh, an impressive 172% quarter-over-quarter expansion.
California emerged as the leader in this sector, contributing 738 MW and accounting for a substantial 49% share of the total installed capacity.
<img decoding="async" class="aligncenter size-full wp-image-58932" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/09/WoodMac-Energy-Storage-Installations-Q2-2023.png" alt="WoodMac Energy Storage Installations Q2 2023" width="100%" height="100%" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/09/WoodMac-Energy-Storage-Installations-Q2-2023.png 752w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/09/WoodMac-Energy-Storage-Installations-Q2-2023-300x159.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/09/WoodMac-Energy-Storage-Installations-Q2-2023-650x344.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/09/WoodMac-Energy-Storage-Installations-Q2-2023-624x330.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/09/WoodMac-Energy-Storage-Installations-Q2-2023-600x318.png 600w" sizes="(max-width: 752px) 100vw, 752px" />While community, commercial, and industrial (CCI) installations reached 107 MWh, surpassing any quarter in 2022, they faced a 53% quarterly decline compared to the substantial <a href="https://www.mercomindia.com/us-grid-scale-energy-drop-by-33-in-q1-2023/" target="_blank" rel="noopener">spike</a> in last quarter&#8217;s installations. Nevertheless, the CCI segment continues to grow significantly, with a 25% YoY increase.
In contrast, residential storage experienced its second consecutive quarter of decline, totaling 381.2 MWh, slightly behind last quarter’s figure of 388.2 MWh. California witnessed the most substantial decline, with a 17% decrease quarter-over-quarter and a 37% drop YoY.
John Hensley, Vice President of Research and Analytics at the American Clean Power Association, said, &#8220;The energy storage market is on pace for a record year, as utilities and larger power users increasingly turn to storage to enhance the grid and improve reliability. Despite supply chain challenges and interconnection delays, the market is poised to nearly double annual installations and continue its rapid growth in the coming years.&#8221;
Wood Mackenzie&#8217;s five-year forecast from 2023 to 2027 predicts that the grid-scale segment will remain the primary driver of the market, contributing to 83% of total installations, equivalent to 55 GW.
Several projects that had faced delays in previous quarters due to supply chain issues were successfully realized in the past quarter. However, despite these achievements, the expected pipeline did not materialize fully, resulting in more than 2 GW of projects being pushed back.
According to a report by the Solar Energy Industries Association and Wood Mackenzie, the U.S. solar industry <a href="https://www.mercomindia.com/united-states-adds-5-6-gwdc-solar-capacity-q2-2023" target="_blank" rel="noopener">installed</a> 5.6 GWdc of new capacity in Q2 2023, a YoY increase of 20%.
A U.S. Energy Information Administration report <a href="https://www.mercomindia.com/us-battery-utility-scale-storage-capacity-to-gw-by-2025" target="_blank" rel="noopener">suggests</a> that power developers and project owners could add utility-scale battery storage capacity of up to 30 GW in the U.S. over the next three years.

US Grid-Scale Energy Storage Installations Rise 172% in Q2 2023

Solar Energy Industries Association (SEIA) and energy research firm Wood <a href="https://www.woodmac.com/news/feature/the-united-states-surpasses-2-million-solar-installations/" target="_blank" rel="noopener noreferrer">Mackenzie</a> have pegged the United State’s total solar installations at more than 2 million.
The report added that the electricity produced is enough to light up 12 million homes in the U.S. The report has forecast that the installations would reach the 4 million mark by 2023.
&#8220;We believe that the 2020s will be the decade that solar becomes the dominant new form of energy generation,&#8221; SEIA CEO Abigail Ross-Hopper said in the statement.
The rise of solar energy in the United States over the last decade is attributable to rapidly falling prices on the technology, state mandates that require utilities to source large amounts of renewable energy, and a federal tax credit worth 30% of the cost of a system. Solar is now a $17 billion industry, SEIA has said.
Despite this growth feat, solar is still a small part of the U.S. energy mix compared with fossil fuels. This year, solar, wind and other renewables excluding hydropower are expected to provide 11% of U.S. electricity generation, compared with 37 % for natural gas and 24% for coal, according to data available from the U.S. Energy Information Administration (EIA).
California accounted for 43% of the second million installations, with Texas, Utah, Florida, Rhode Island, and Maryland  being the other states where solar has grown rapidly over the last three years , SEIA said, while Wood Mackenzie added there would be one solar energy system installed per minute in the United States by 2024.
India was the third largest solar market behind China and the United States with 8.3 GW of solar PV capacity installed in 2018, with Japan and Germany ranked fourth and fifth largest solar markets in the world. The United States was the second largest market with 10.6 GW of solar PV capacity addition in 2018, according to SEIA/Wood Mackenzie, <a href="https://mercomindia.com/india-solar-market-2018-behind-china-us/">Mercom</a> had reported.
In total, the top five countries – China, the United States, India, Japan, and Germany – are expected to account for 73 GW of solar PV capacity. Barring a significant policy turnaround in one of these five markets, they could end up in the same order next year.
The United States installed more than double compared <a href="https://mercomindia.com/product/solarinstallations-q4-2018/" target="_blank" rel="noopener noreferrer">India’s solar PV capacity addition in Q4 2018</a> and exceeded India’s total capacity addition for the year. However, by the end of the third quarter, India had installed more solar PV than the United States. It was primarily because of the rapid pace of installations recorded in the first quarter of 2018 when India had installed over 3 GW capacity.
According to a report by <a href="https://www.seia.org/us-solar-market-insight" target="_blank" rel="noopener noreferrer">SEIA</a>, in Q4 2018, the United States installed 4.2 GW of solar PV, which is a 139 percent increase from Q3 2018 and a 4 percent increase from Q4 2017.

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