BloombergNEF – Sustainable Energy in America, 2024

In 2023, the clean energy transition in the US experienced significant growth, driven by federal policies that supported the adoption of renewables and electric vehicles. Despite challenges such as high interest rates and disrupted supply chains, the market saw increased activity in low- and zero-carbon fuels and processes, as well as a surge in domestic manufacturing announcements. Record levels of new renewable power generating capacity were added to the grid, with solar setting new records. While solar thrived, wind additions were the lowest since 2015. Renewable energy sources met a record volume of US energy demand, with renewables contributing 23% of total power generation. The solar market benefited from tariff waivers on imports, leading to a near-doubling of imports in 2023. Despite uncertainties, the industry experienced strong growth due to high demand and tax credits. Overall, renewable energy sources played a significant role in meeting US energy demand in 2023, with zero-carbon power accounting for an all-time high of 41.1% of all output.