Solar energy crushed it in 2024, adding a jaw-dropping 553GW globally. That’s 83% of all new renewable capacity. China’s still the heavyweight champ, but the U.S. finally stepped up with 50GW of its own. Module prices hit rock-bottom at $0.10/Wdc, making solar cheaper than ever. Texas dominated with 11.6GW while domestic manufacturing tripled. The numbers don’t lie—this energy transformation is just warming up.
Nearly every measure of solar energy deployment shattered records in 2024, with an astonishing 553GW of new capacity added globally. The renewable energy sector witnessed unprecedented growth, with total capacity additions reaching 666GW. That’s right, the devil’s number for a heavenly cause. Solar PV and wind weren’t messing around, accounting for 95% of all renewable additions.
China, predictably, dominated the solar scene. The manufacturing powerhouse installed a mind-boggling portion of the 3,207GW of new renewable electricity capacity they’re projected to add through 2030.
Meanwhile, the U.S. wasn’t exactly slacking, installing a record-breaking 50GW of new solar capacity. Solar and storage made up 84% of all new electric generating capacity in America. Not too shabby. SEIA is ambitiously working toward achieving 30% of electricity generation from solar in the U.S. by 2030. The Department of Energy supports these goals with substantial funding for research and development in advanced solar technologies.
America flexed its solar muscles with 50GW added and 84% of all new electricity coming from sun and battery power.
The numbers tell a compelling story state by state. Twenty-one states set new annual installation records. Thirteen states added over 1GW each. Texas led the charge with 11.6GW of new solar capacity, because everything’s bigger in Texas, including their solar farms. Florida followed closely with 3.1 GW installed in 2024, making it the second-highest state for capacity.
Manufacturing got a serious boost too. U.S. domestic solar module production tripled in 2024. Solar cell manufacturing, which had been practically non-existent domestically, finally resumed. The top 10 module manufacturers globally shipped an incredible 226GW in just the first half of the year.
Costs continued their downward spiral. Module prices hit near record lows at around $0.10/Wdc in Q3. The global weighted average LCOE of concentrated solar power fell from $0.39/kWh to under $0.12/kWh between 2010-2023. Cheaper than ever.
Utility-scale solar dominated with 41.4GW installed, growing 33% year-over-year. Community and commercial solar markets also set annual records, growing 35% and 8% respectively.
