The renewable energy industry has benefited from rising demand and investment this year, with strength in the sector led by the solar market, according to Deloitte’s 2024 renewable energy industry outlook report released Tuesday. Wind power generation, however, struggled in part due to cost pressures, the report said.
Solar is the “most flexible renewable resource,” said Marlene Motyka, U.S. renewable energy leader and principal at Deloitte, pointing out that it can be deployed more quickly, across more states, and at different scales — at the residential, commercial or utility levels. It also faces lower community opposition.
““In 2023, we saw the solar market brighten, and we expect this to continue in 2024.””
— Marlene Motyka, Deloitte
“In 2023, we saw the solar market brighten, and we expect this to continue in 2024,” she told MarketWatch. U.S. utility-scale solar capacity additions rose by 36% in the first eight months of this year, compared to the same period last year, outpacing additions from other power-generation sources, the report said, citing data from the U.S. Federal Energy Regulatory Commission. The report also pointed out that the Energy Information Administration sees utility-scale solar installations more than doubling this year compared with last year, to a “record-breaking” 24 gigawatts. Deloitte expects solar to “continue leading the charge on renewable energy,” said Motyka. In its report, Deloitte said the “tandem push” of federal investments into clean energy and the pull of decarbonization demand for public and private entities have “never been stronger.”Electricity generation Renewable energy’s share of U.S. electricity generation is forecast at 22% this year, and is expected to rise to 24% in 2024, …
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Solar is the “most flexible renewable resource,” said Marlene Motyka, U.S. renewable energy leader and principal at Deloitte, pointing out that it can be deployed more quickly, across more states, and at different scales — at the residential, commercial or utility levels. It also faces lower community opposition.
““In 2023, we saw the solar market brighten, and we expect this to continue in 2024.””
— Marlene Motyka, Deloitte
“In 2023, we saw the solar market brighten, and we expect this to continue in 2024,” she told MarketWatch. U.S. utility-scale solar capacity additions rose by 36% in the first eight months of this year, compared to the same period last year, outpacing additions from other power-generation sources, the report said, citing data from the U.S. Federal Energy Regulatory Commission. The report also pointed out that the Energy Information Administration sees utility-scale solar installations more than doubling this year compared with last year, to a “record-breaking” 24 gigawatts. Deloitte expects solar to “continue leading the charge on renewable energy,” said Motyka. In its report, Deloitte said the “tandem push” of federal investments into clean energy and the pull of decarbonization demand for public and private entities have “never been stronger.”Electricity generation Renewable energy’s share of U.S. electricity generation is forecast at 22% this year, and is expected to rise to 24% in 2024, …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]