Global solar installations are set to beat most industry forecasts, with 593 gigawatts (GW) expected to be added by the end of 2024, according to a new report by energy think tank Ember.
Global solar growth is beating industry projections
This is a 29% increase compared to the previous year, maintaining strong growth following an estimated 87% surge in 2023.
“Yet again, solar power is growing faster than people expected, as it establishes itself as the cheapest source of electricity globally,” said Euan Graham, electricity data analyst at Ember. “Strong growth in established markets is combining with rapid acceleration elsewhere to make solar additions higher than ever before. Countries need to plan for a solar-powered future to make the most of the cheap power this technology can provide.”
Based on the data up to July 2024, Ember’s analysis is in line with forecasts made by Bloomberg New Energy Finance (BNEF).
But interestingly, it’s also almost 200 GW higher than the International Energy Agency’s (IEA) main case outlook released in January 2024. Solar’s better-than-expected growth has led to forecast revisions – for example, SolarPower Europe increased its 2024 global forecast from 401 GW in June 2023 to 544 GW in June 2024.
Ember’s analysis also finds that solar capacity additions in 2024 will likely surpass the entire global increase – 540 GW – in coal power capacity since 2010. This accelerating pace brings ambitious climate targets closer, but continued rapid progress is still needed to meet the Paris Agreement’s 1.5C goal.
Who’s leading the solar growth
China, the US, India, Germany, and Brazil will account for 75% of global solar additions in 2024, according to Ember’s estimates.
China continues to dominate in global solar capacity installations. In the first seven months of the year, it was up by 28% year-over-year. At this pace, China is expected to install 334 GW of solar capacity, making up 56% of global capacity additions for 2024.
Additions in India in the first seven months of 2024 were 77% higher year-over-year. By May 2024, India had already surpassed its total solar installations for all of 2023. At its current pace, India is on track to install 23 GW by the end of this year.
In the US, solar additions totaled 20 GW from January to June 2024, a 55% increase year-over-year. Meanwhile, Germany has already exceeded its solar capacity target for all of 2024, and is on track to meet its new target for 2026, which is set out in its National Energy and Climate Plan.
Ember’s data on Chinese solar export reveals significant growth is also emerging in new markets such as Pakistan and Saudi Arabia, as well as the Philippines, the UAE, Thailand, and Oman.
As solar becomes more affordable and accessible, ensuring sufficient grid capacity and developing battery storage is crucial for handling power distribution and supporting solar outside of peak sunlight hours. By addressing these challenges and sustaining growth, solar power could continue to exceed expectations for the remainder of the decade.
If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.
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The Mockingbird Solar Center, Ørsted’s largest solar project globally, is now online, next to protected prairie donated by the renewable energy giant.
This massive 468-megawatt (MW) solar farm is set to power 80,000 homes and businesses, providing a major boost to the Texas grid.
But the launch of Mockingbird Solar isn’t just about clean energy – it’s also about restoring precious ecosystems. Ørsted has donated 953 acres of the Smiley-Woodfin Native Prairie Grassland, which sits next to the solar center, to The Nature Conservancy. The donated land is now the Smiley Meadow Preserve, a protected area for tallgrass prairie that’s home to more than 400 species of grasses and wildflowers.
Tallgrass prairies are some of the rarest ecosystems in the US, with less than 1% of Texas’ original tallgrass prairies still in existence. Tallgrass prairie does a lot of heavy lifting for the environment, including storing carbon, preventing floods, and providing crucial habitats for pollinators.
“Native prairies are the rarest landscapes left in Texas – so much so that many people have never seen one,” said David Bezanson, land protection strategy program director for The Nature Conservancy in Texas. He added that preserving Smiley Meadow will not only conserve one of the best prairie remnants left but also help restore other prairie habitats and boost regional biodiversity.
The Mockingbird Solar Center, a half-billion-dollar project, is part of Ørsted’s $20 billion push to expand renewable energy production across the US. Beyond generating electricity, it will inject $75 million into local property taxes, benefiting schools and other public services. The project also created over 550 construction jobs and will continue to be supported by operations staff moving forward.
Ørsted worked with US companies, including First Solar, for solar panels and partnered with local businesses like Drake Construction and Pfifer Farms for construction materials. It also gave more than $50,000 to local volunteer fire departments in Roxton and Brookston.
With Mockingbird Solar now up and running, Ørsted has more than 6 gigawatts of onshore wind, solar, and battery storage projects either in operation or being built across the US.
If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*
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CNBC’s Jim Cramer on Friday said companies related to natural gas and oil will thrive under President-elect Donald Trump’s administration and a majority Republican Congress.
“We’re hearing about all sorts of Trump trades right now, and many of these things have made insane moves in less than three weeks, to the point where, actually, they’re feeling precarious to me,” he said. “If you want a sustainable Trump trade, I say bet on the natural gas ecosystem. This is an industry that already had a lot going for it, it just needed some cooperation from the federal government, which it is about to get.”
President Joe Biden’s administration is largely opposed to fossil fuels, Cramer said, and the federal government has worked to block pipelines and paused new liquified gas export authorizations. This dynamic, coupled with a weaker global economy, caused the sector to underperform for much of the year, he suggested. But Trump has shown more favor to the industry, and Cramer pointed out that he tapped prominent oil executive Chris Wright to lead the Department of Energy.
Cramer recommended several stocks in the sector, including energy producers EQT and Coterra. The former is focused on natural gas and recently acquired peer Equitrans, raising the combined company’s valuation to an estimated $35 billion, Cramer noted. He added that Coterra is a good long-term holding and called the company “one of the shrewdest operators in the industry.”
He highlighted pipeline companies, including Energy Transfer and Kinder Morgan, and said he was especially bullish on Enbridge. Enbridge says it transports about 20% of all natural gas consumed in the U.S., and Cramer claimed the Canadian outfit has “strategically located assets.”He also named Cheniere and Sempra, saying the former is the “best play” for liquified natural gas exports.
“Seasonally, this is a good time for the commodity,” he said, pointing out that natural gas itself has climbed since the election. “But I also think there’s some optimism about the future of the industry driving this move.”
Jeep’s first global luxury electric SUV will arrive at US dealerships any day. Despite its $72,000 price tag, lease prices for the 2024 Jeep Wagoneer S EV start at just $599 per month.
Jeep claims the Wagoneer S packs “exhilarating performance.” With 600 hp and 617 lb-ft of torque, the big-body SUV can sprint from 0 to 60 mph in just 3.4 seconds. Its 100 kWh battery pack also gives it a driving range of over 300 miles.
The electric SUV is unmistakably still a Jeep, but it did get several upgrades to distinguish it as an EV. The grille is now enclosed without the need to cool a massive engine, giving it a sporty, more modern look.
Jeep revamped its design with a new illuminated seven-slot grille with ambient cast lightning. It also fine-tuned its profile, adding flush door handles, a rear wing, and integrated fins for better airflow.
The first Jeep Wagoneer S Launch Edition models get exclusive dark accent design elements like 20″ Gloss Black Wheels.
Inside, the electric SUV is loaded with the latest tech and connectivity, including a best-in-class 45″ of usable screen space. The setup includes a 12.3″ center screen and an exclusive 10.25″ interactive front passenger screen.
Jeep already announced that the 2024 Wagoneer S EV will start at $71,995, but now the company has revealed lease prices for the first time.
According to Jeep, the 2024 Jeep Wagoneer S Launch Edition can be leased for $599 per month for 36 months (10,000 miles per year). The deal includes $4,999 due at signing and a $7,500 EV incentive. However, you may want to act fast, as Jeep’s offer is only good until December 2, 2024.
Jeep Wagoneer S vs Tesla Model Y
Starting Price
Range
Lease Price
Jeep Wagoneer S Launch Edition
$71,995
+300 miles
$599/mo
Tesla Model Y RWD
$44,990
320 miles
$299/mo
Tesla Model Y AWD
$47,990
308 miles
$399/mo
Tesla Model Y AWD Performance
$51,490
279 miles
$599/mo
In comparison, Tesla Model Y RWD lease prices start at $299 for 36 months with $2,999 down (10,000 miles). The Performance AWD model starts at $599 per month. In an end-of-year promo, Tesla also offers 3 months of free Supercharging and Full Self-Driving.
Ready to drive off in your new electric SUV? We can help you get started. You can use our links below to view offers on the Jeep Wagoneer S and Tesla Model Y at a dealer near you.
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