North America Residential Solar PV Market Analysis

North America Residential Solar PV Market Analysis

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Based on connectivity, the market is segmented into on-grid and off-grid. The on-grid residential solar PV segment is expected to cross USD 9 billion by 2032. Increasing energy costs and growing requirement for long-term savings along with ability to provide reliable source of power and grid stability will fuel the product demand. Furthermore, the systems support to reduce GHG emissions and contribute to environmental conservation efforts, resonating with environmentally conscious consumers, which will stimulate the business landscape.
 

Based on mounting, the market is segmented into ground mounted and rooftop. The rooftop residential solar PV market is set to expand at 8% CAGR from 2024 to 2032. Paradigm shift towards solar-powered homes that can generate their own electricity, reducing dependence on grid-supplied power in line with growing educational initiatives, outreach campaigns, and solar advocacy efforts to inform consumers about the financial, environmental, and energy independence benefits of solar energy will strengthen the business landscape. Additionally, rising technological innovations for the advancements of these systems, enhancing their efficiency, performance, and functionality will complement the industry outlook.
 

U.S. residential solar PV market is anticipated to surpass USD 9.5 billion by 2032. Rising investment to promote product installation coupled with government incentives and supportive policies and initiatives at the federal, state, and local levels will facilitate the industry scenario. For instance, in November 2023, U.S. Department of Energy (DOE) introduced an initiative to provide rooftop solar and battery storage systems to low income and single-family households in Puerto Rico. Therefore, tax credits, rebates, grants, and net metering programs provided by various government entities reduced the upfront costs of solar installations and will influence the overall industry dynamics.