US solar installations to benefit from Inflation Reduction Act in 2024, report says

The U.S. solar industry is expected to continue its momentum in 2024 after accounting for over 50% of new electricity capacity additions to the grid last year, according to a report published by Wood Mackenzie and the Solar Energy Industries Association on Wednesday. Companies and residents have aimed to capitalize on U.S. President Joe Biden’s Inflation Reduction Act, which provides generous tax credits for EVs and clean energy technologies such as wind and solar farms. “A high case for U.S. solar with increased supply chain stability, more tax credit financing and lower interest rates would increase our (solar installation) outlook (by) 17%,” said Michelle Davis, head of Global Solar at Wood Mackenzie and lead author of the report.