Solar Power in 2024: 10 Key Statistics to know if you’re looking for Solar Jobs

Recap of 2023 in the Solar Market

2023 was a mixed year for solar.  While capacity and installs were at record-levels across the country, California’s Net Metering changes (NEM 3.0) in April 2023 brought uncertainty into the solar market. 

NEM 3.0 Impact into 2024

NEM 3.0, which significantly reduced the value of net metering credits for excess energy, made the payback period (i.e. how long it takes a residence to recoup their investment in solar panels) significantly longer.  This reduced the overall demand in residential solar sales in California, which is at the forefront of the solar industry.  The slowdown in demand meant that California had ~17,000 solar jobs (~20% of the overall California market), a significant decline in job opportunities.

The introduction of NEM 3.0 was done to further incentive grid modernization by encouraging solar and battery storage installations allowing residences to store excess energy locally vs. selling excess electricity back to the grid.  So, we’ll expect to see local installers adjust their offerings and more competition and innovation in the battery space.  Given the industry and consumer pushback against NEM 3.0, we would not be surprised to see regulatory changes ahead.  However, practically speaking, if you’re searching for a solar job in 2024, it’s best to familiarize yourself with battery storage technology and how this will plug into the energy grid. 

While the slowdown in residential demand will pose headwinds in 2024, the solar market is growing so quickly that it is still expected to be a record year for capacity and jobs.  Below we’ll highlight a number of important stats to be familiar with as 2024 kicks off.  

10 Important 2024 Solar Stats for you to know

Below we’ve highlighted a number of stats to highlight and contextualize how quickly the solar market is growing despite headwinds ahead.  As you start looking for solar jobs, these stats will help you understand key trends to be aware of in the changing market and speak to the scale & efficiency of solar energy.

1. The United States expects to add 43 gigawatts of solar capacity in 2024. 

The US Energy Information Administration (EIA) forecasts that we’ll add 36 gigawatts of utility solar this year [EIA source].  Combined with private sector estimate from Wood Mackenzie Power and Renewables of 6 GW of residential and 2 GW of Commercial  

Source: https://www.eia.gov/todayinenergy/detail.php?id=61203

2. A gigawatt is one billion watts. That’s a lot of lightbulbs... 

 A less efficient lightbulb nowadays only uses ~100 watts, so that means that the 43 gigawatts of solar being added this year along could power 430 million light bulbs! 

3. An average solar panel produces ~400 watts of power

This varies across residential, commercial, and utility installations and time of day (mid-day vs. afternoon) and year (winter/summer).  That means the United States will install over 107 million solar panels this year with the current forecast. 

4. Solar workers will install 1 solar panel per worker per day on average

In an earlier blog post, we highlighted the growth in solar employment and expect there to be just under 300,000 solar workers in 2024.  On average, every single employee in the solar industry will help bring 1 solar panel online per day using our estimate of 107 million solar panels.  Using only installation & developers workers who will do the install (~170,000) s, they will average ~630 solar panels this year or almost 2 per day!

5. By the end of 2025, solar will account for 7% of electricity generation in the United States

This is up from only 4% in 2023 [EIA source].  This is unprecedented growth for any energy source. 

6. Solar will pass hydropower in 2024

The EIA expects 2024 to be the first year that solar will generate more electricity than hydropower on average.   Winter months will still see more electricity generated from hydroelectric sources, but this summer solar will well surpass it.  

Source: https://www.eia.gov/todayinenergy/detail.php?id=60922

7. The average residential solar installation costs between $11,655 and $23,310 

This is an estimate after applying the 30% federal tax credit homeowners can claim and the range is for a 5 - 10 kilowatt system that is typical of the average American home.  

8. California accounts for 40% of the solar market in the United States, 

However, solar generation is still only less than 30% of California’s total energy generation and expected to grow substantially in such a sunny state [Energy.gov] 

9. Solar Jobs are growing 5 times faster than the overall job market 

The growth rate of solar jobs is growing 5 times faster than the overall job growth rate in the US.  Solar jobs have grown 167% in the past decade.

10. 44% of Solar Employers say it’s really hard to find qualified applicants 

While the solar industry is set for a record 2024, 44% of employers say it is still really challenging to find qualified applicants.  Make sure to search our entry-level, mid-level, or experienced jobs on our job board to find a role that can be a good fit for you and remember that given the lack of qualified applicants, you don’t need to check every single requirement in a job description.  Employers may be willing to help you fill gaps if you’re mostly qualified.