Mar 06 2025 2 mins
In the past 48 hours, the clean energy industry has seen significant developments. Major companies are urging Congress to maintain clean energy tax credits amid ongoing policy debates. Over 80 businesses, including Ford, IKEA US, and Siemens, are participating in LEAD on a Clean Economy 2025, an event connecting companies with Congressional offices to highlight the benefits of these incentives. Since their expansion in 2022, clean energy tax credits have catalyzed more than $420 billion in private-sector investment across 750 clean energy projects, creating over 400,000 jobs.
Recent market trends show a continued boom in renewable energy deployment. In 2023, utility-scale solar and wind capacity additions accounted for nearly 90% of all new builds and expansions in the first nine months, up from 57% in the same period of 2022. The U.S. Energy Information Administration expects wind capacity to rise to 153.8 GW by the end of 2024, up 6.5 GW from the previous year. Solar capacity is projected to increase by a record-breaking 38.4 GW to 128.2 GW, while battery storage is set to grow by 14.9 GW to 30.9 GW.
However, challenges persist. The solar industry has faced volatile pricing in the last three years due to inflation and supply chain disruptions. While module prices have continued to fall across all segments in Q3 2023, increased labor and overhead costs in the utility-scale segment have offset some of these declines.
State-level developments are reshaping the industry landscape. Texas led all states in new solar installations in Q3 2023 with 2.4 GW of new installed capacity. Currently, Puerto Rico and 31 U.S. states have installed a cumulative 1 GW or more of solar, compared to only 3 states a decade ago.
Looking ahead, the industry faces both opportunities and challenges. The transition to 100% clean electricity by 2035 will require dramatic acceleration of electrification, rapid installation of new energy infrastructure, expanded clean technology manufacturing, and continued research and development. As the sector navigates these changes, it remains a key player in the global push towards sustainable energy solutions.
Recent market trends show a continued boom in renewable energy deployment. In 2023, utility-scale solar and wind capacity additions accounted for nearly 90% of all new builds and expansions in the first nine months, up from 57% in the same period of 2022. The U.S. Energy Information Administration expects wind capacity to rise to 153.8 GW by the end of 2024, up 6.5 GW from the previous year. Solar capacity is projected to increase by a record-breaking 38.4 GW to 128.2 GW, while battery storage is set to grow by 14.9 GW to 30.9 GW.
However, challenges persist. The solar industry has faced volatile pricing in the last three years due to inflation and supply chain disruptions. While module prices have continued to fall across all segments in Q3 2023, increased labor and overhead costs in the utility-scale segment have offset some of these declines.
State-level developments are reshaping the industry landscape. Texas led all states in new solar installations in Q3 2023 with 2.4 GW of new installed capacity. Currently, Puerto Rico and 31 U.S. states have installed a cumulative 1 GW or more of solar, compared to only 3 states a decade ago.
Looking ahead, the industry faces both opportunities and challenges. The transition to 100% clean electricity by 2035 will require dramatic acceleration of electrification, rapid installation of new energy infrastructure, expanded clean technology manufacturing, and continued research and development. As the sector navigates these changes, it remains a key player in the global push towards sustainable energy solutions.