A 2024 Snapshot and Opportunities in Illinois, Wisconsin, and Michigan
As we progress through 2024, the solar industry continues to grow and adapt. In the second quarter alone, the U.S. solar market installed an impressive 9.4 GWdc of capacity, setting a new record despite a slight quarter-over-quarter decline. The year-over-year increase of 29% proves that solar energy remains a dominant force in the renewable energy sector.
In fact, solar energy accounted for 67% of all new electricity-generating capacity added to the U.S. grid during the first half of 2024. This boom is largely driven by utility-scale projects, which installed 7.6 GWdc, marking a 59% increase year-over-year. Texas led the nation in solar installations, while other states, like Illinois, Wisconsin, and Michigan, show growing interest in solar installations as demand rises in the Midwest.
While the residential solar market saw a slight decline, mostly influenced by California’s transition to net billing, the commercial and utility-scale segments remain strong. Illinois, in particular, is one of the states to watch for solar growth, especially in the community solar segment. Despite a small drop in community solar installations in Q2, Illinois is actively expanding solar incentives and programs to encourage homeowners and businesses to invest in solar installations.
States like Illinois, Wisconsin, and Michigan are not only tapping into solar energy for environmental reasons but also for economic benefits. As solar installation costs continue to drop—down 43% over the past decade—this clean energy source becomes even more accessible for homeowners and businesses alike.
In Illinois, solar incentives like the Illinois Solar Renewable Energy Credits (SRECs) and federal tax incentives are helping reduce upfront costs, making solar more appealing. Likewise, Wisconsin and Michigan are seeing rising interest in solar panel installations as these states work to transition to more sustainable energy sources.
Looking ahead, the solar industry is expected to install at least 40 GWdc annually from 2025 onward, despite short-term challenges like labor shortages and equipment constraints. The future is bright for solar energy in the U.S., particularly in states like Illinois, where progressive solar incentives and an increasing interest in clean energy promise continued growth. For companies like 93Energy, this is the time to position themselves as leaders in the Midwest solar market, leveraging their expertise and the growing consumer demand for clean, affordable energy solutions.
With solar energy continuing to proliferate, especially in states like Illinois, Wisconsin, and Michigan, now is the perfect time to invest in solar. Whether it's reducing energy costs, tapping into available incentives, or contributing to a cleaner future, the benefits of solar energy are clear. For 93Energy, the key is to stay ahead of the curve by focusing on consumer needs and optimizing marketing efforts with relevant keywords and up-to-date industry knowledge. The future of solar is here, and it’s brighter than ever!