US Solar Module Manufacturing Soared 190% To 42.1 GW In 2024

In 2024, the United States witnessed an increase in the commercial solar segment with the addition of 2.1 GWdc of newly installed capacity. The company reported an 8% year-over-year increase in this segment compared to 2023, according to a Wood Mackenzie Report.

US solar module manufacturing capacity also tripled. The US solar module manufacturing industry experienced record growth in 2024. Domestic module manufacturing capacity grew 190% year-over-year, from 14.5 GW at the end of 2023 to 42.1 GW at the end of 2024. This figure has grown to over 50 GW in early 2025.

However, in the residential segment system, the price landed at $3.36/Wdc in Q4 2024, with a 2% increase as compared to Q4 2023. Residential solar demand also remains low, forcing installers to increase their marketing spend to acquire new customers. Additionally, in the commercial segment in 2025, Wood Mackenzie forecasts an 11% contraction as installers adjust to prevailing wage and apprenticeship requirements.

The report compared growth from the previous year and found that California accounted for 34% of the total national installed capacity, with an 11% year-over-year growth. The report attributed this growth primarily to NEM 2.0 installations coming online. Commercial solar installation growth in 2024 was also driven by interest in new segments and unique financing options, such as university projects and federal grants under the Rural Energy for America Program.

Commercial Segment

The commercial segment grew by 18% quarter-over-quarter in Q4 2024, driven by strong installation volumes in Illinois, Maine, and New York, in addition to California. These states accounted for 70% of the new installed capacity in Q4 2024.

Wood Mackenzie’s supply chain data and models are leveraged to enhance and strengthen its pricing outlooks. Wood Mackenzie assumes that all system costs are incurred in the year in which the project is contracted, with no procurement or construction lags factored into the pricing.