As the clean energy transition continues to accelerate, solar power is leading the charge, remaining the fastest-growing source of electricity in the U.S. in 2024.
The Energy Information Administration confirmed the exciting news in a 2024 "Electric Power Monthly" report, which showed that the combination of utility-scale and rooftop solar increased by roughly 27% compared to the same period in 2023, per Electrek.
The Solar Energy Industries Association found that solar added more new grid capacity last year than any energy technology in the past 20 years, with a record-breaking 50 gigawatts installed. Solar expansion will likely continue this year, as EIA data indicates that the power sector plans to add 32 GW of solar capacity in 2025, compared with 30 GW installed in 2024.
With surging demand and manufacturing of solar panels, there's never been a better time to invest in a home solar system to save money on your energy bills and benefit the environment by reducing carbon pollution.
According to EnergySage, the average U.S. homeowner will save around $50,000 on electric bills throughout their solar system's lifetime. And if you live in a state with high electricity costs, like California, you could save over $100,000. Plus, through the Inflation Reduction Act, you can claim a federal solar tax credit of 30% off installation costs. Depending on where you live, you may also be eligible for local or state rebates.
But if you want to take advantage of IRA incentives, it's important to note that President Donald Trump has repeatedly said he wants to eliminate the subsidies. It would require Congress to make that decision, but with the IRA's future uncertain, it's better to snag potentially thousands of dollars in savings while you can.
To quickly compare solar installation quotes from vetted contractors, you can check out EnergySage's free tools that make it easy and cheaper to go solar.
"Solar and storage can be built faster and more affordably than any other technology, ensuring the United States has the power needed to compete in the global economy and meet rising electricity demand," SEIA president and CEO Abigail Ross Hopper said, per SEIA. "America's solar and storage industry set historic deployment and manufacturing records in 2024, creating jobs and driving economic growth."
Save $10,000 on solar panels without even sharing your phone number Want to go solar but not sure who to trust? EnergySage has your back with free and transparent quotes from fully vetted providers that can help you save as much as $10k on installation. To get started, just answer a few questions about your home — no phone number required. Within a day or two, EnergySage will email you the best local options for your needs, and their expert advisers can help you compare quotes and pick a winner. |
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