The Solar Energy Industries Association (SEIA) reports a 21% increase in gigawatts of installed solar energy systems in 2024 compared to 2023, with Texas, California, and Florida leading the race. The first is a consistently red state, and the third may be considered one, having voted for the Republican candidate in four out of six elections in the 21st century.
This all matters as early Trump executive orders favoring oil and gas production and his anti-climate-change stance might tighten the leash on the renewable energy industry just as Americans become more concerned about the sources of their power.
After 2023, when numerous solar system installers and their financiers went bankrupt, the industry began to recover in 2024 with a 9% increase. This rebound is attributed to more robust supply chains and increased interest from corporate off-takers.
One example is Tesla, whose motto is “To accelerate the world’s transition to sustainable energy.” In 2025, the company signed a contract with the Spanish company Zelestra to receive approximately 130 GWh of renewable energy from its solar plants.
This is only a fragment of Musk’s broader goal of supporting local producers. But if the SEIA is correct, could the Trump administration’s stance create more barriers for Tesla’s operations, negatively impacting Tesla stock performance and driving a wedge between the President and his ardent supporters?
The SEIA, citing Donald Trump: “During the first weeks of the new administration, President Trump issued a series of executive orders impacting industries including the energy sector. Several are aimed at promoting fossil fuels and rolling back climate change initiatives.”
Abigail Ross Hopper, the Association’s CEO and president, continues the message: “Solar and storage can be built faster and more affordably than any other technology, ensuring the United States has the power needed to compete in the global economy and meet rising electricity demand.”
This report came online just as the Euro to USD rate strengthened to its highest in four years, breaking the $1.15 support level and indicating increased investor interest in European markets.
The Eurozone is known as a fierce advocate for global climate stability. Despite the 2024 election in Germany — the leading EU economy — in which the Greens lost 9 seats, they remain one of the top political forces, and the European Parliament still has 53 representatives aligned with the Green agenda.
Nevertheless, the SEIA expects continual growth, as solar installations “more than doubled in 2024, compared to 2022.”
Big Tech, as one of the main consumers and contributors to the renewable energy industry, is a key player in energy consumption with its large data centers. Wider electrification may also increase demand for low-maintenance — in contrast to oil and gas — energy sources, rising between 4% to 19% through 2029, depending on the region.
That is, if new executive orders don’t kill green initiatives.