US utility-scale solar: four things to look for in 2024

Predictions for the year ahead

1 minute read

Kaitlin Fung

Research Analyst, North America Utility-Scale Solar

Kaitlin's focuses on market dynamics, project financing and sustainability of utility-scale solar projects.

Latest articles by Kaitlin

View Kaitlin Fung's full profile

Solar is the leading renewable technology for decarbonization and electricity generation in the US. The passage of the Inflation Reduction Act (IRA) and growing decarbonization targets in the public and private sectors continue to drive momentum in the utility-scale solar segment.

Through Q3 2023, the US utility-scale segment installed 12 GWdc – the equivalent of total annual capacity installed in 2022. As most installations come online at the year's end, we expect 2023 annual installations to reach a record-breaking 23 GWdc, a 76% increase on the previous year.

While 2023 was the year of rebound for the utility-scale solar sector, 2024 is slated to be the year of continuous improvement and learning for stakeholders across the segment. But what factors will influence that evolution?

Drawing on insight from our US Utility Solar Service, this report highlights our pick of the key themes to watch. This includes:

  • Trade policy uncertainty is far from over
  • Improved financing availability may come to a stall if Basel III is passed
  • And more.

Fill in the form at the top of the page for your complimentary copy of the full report.