2024 Renewable Energy Recap: From Setbacks to Surging Growth

A Wave of Challenges in Solar and Renewable Energy

Rising Financial Pressures and Layoffs

2024 has been a tough year with headlines about bankruptcies or layoffs across solar and renewable energy. SunPower filed for Chapter 11 bankruptcy after struggling with declining revenues and financial setbacks. Last month, Northvolt’s CEO stepped down after it filed Chapter 11 bankruptcy, signaling turbulence in sectors once viewed as untouchable in the clean energy boom.

Over 100 residential solar companies declared bankruptcy in the past year, according to industry reports. Rising interest rates and shifting regulations (NEM 3.0) reduced demand and made it increasingly difficult for some companies to stay afloat. Leading installers like Titan Solar and Lumio closed their doors when sales dropped.

The Ongoing Impact of NEM 3.0

In California, the fallout from NEM 3.0 continues to reshape the solar market. Beyond the 80% decline in new rooftop installations reported earlier this year, a more recent concern is emerging: existing solar customers are now at risk of facing unexpected cuts to their net metering compensation. This shift could blindside existing solar customers.

Surging Forward: The Resilience of Renewable Energy

Unprecedented Growth in Clean Energy Demand

Despite the challenges facing parts of the solar and renewable energy industries, the sector continues to advance at a pace unimaginable just a decade ago. Growth in energy demand—driven in large part by expanding data centers and AI infrastructure—has accelerated the push for clean, reliable power solutions.

According to the IEA’s 2024 World Energy Outlook, renewable energy remains the cornerstone of meeting rising global energy needs, with a clear trajectory toward record-setting adoption. This momentum is mirrored domestically as well, with reports indicating that U.S. solar cell production has resumed for the first time since 2019, a critical milestone for the sector’s manufacturing resilience. In Q3 alone, solar module manufacturing hit new records, showcasing the industry’s capacity to adapt to both policy shifts and supply chain challenges.

Innovations Driving Grid Reliability

Advancements in grid-scale energy storage are proving essential in managing variability and expanding clean energy’s reliability. The Economist recently highlighted grid-scale storage as the fastest-growing energy technology, underscoring its role in supporting both renewable generation and power-hungry infrastructure like data centers.

A Bipartisan Boost in Clean Energy Jobs

Meanwhile, political divides aren’t slowing the renewable energy boom. In Republican-leaning regions, tens of thousands of jobs and billions in clean energy investments are driving bipartisan support, as noted in recent reporting by the Wall Street Journal and New York Times.

These stories of growth and resilience are clear indicators: renewable energy isn’t just surviving—it’s thriving. With innovations, manufacturing milestones, and grid modernization efforts accelerating, the sector’s trajectory remains strong, outpacing even the most optimistic predictions from a few years ago.

Looking Ahead: Resilience and Growth in 2025

The renewable energy industry in 2024 has been a mix of challenges and breakthroughs: layoffs and bankruptcies have grabbed headlines, yet growth continues to outpace expectations. While hurdles like California’s NEM 3.0 and economic pressures tested the industry, they also highlighted its capacity for adaptation, innovation, and long-term resilience.

What to Expect in 2025

Looking ahead to 2025, the momentum is undeniable. Demand for clean energy will only accelerate as grid-scale storage, U.S. solar manufacturing, and advanced infrastructure solutions gain traction. Rising energy loads, fueled by data center expansion and modernized grids, are opening opportunities for those who are ready to innovate and meet the evolving needs of the market.

The Talent to Drive Tomorrow’s Success

As we ride the inevitable ebbs and flows of the solar coaster, staying ahead of talent needs will be crucial. Sometimes the need for additional expertise isn’t obvious until it becomes urgent. At Peak Demand, we specialize in helping companies like yours navigate these moments—connecting you with passive candidates who aren’t actively looking but are ready to make an impact. We vet top talent, streamline your hiring process, and get key players onboard quickly, ensuring you’re prepared for whatever 2025 brings.

Though uncertainties remain, one thing is clear: the clean energy transition isn’t slowing down. Companies that can pivot, innovate, and seize new opportunities will find themselves well-positioned to thrive in an industry that’s transforming global energy markets. 2025 will be a year of recalibration and resilience—one where the winners will be those who embrace the dynamic landscape and drive solutions forward.