U.S. standby generator demand pops in 2024
The U.S. saw 1.2 billion power outage hours during the first nine months of 2024, the most since 2010, says Generac's CEO

Image: Generac
Demand for standby generators is booming across the U.S., fueled by increasingly severe weather and aging electrical infrastructure.
Why it matters: The generator business aligns naturally with HVAC.
What’s happening: In 2024 alone, the U.S. experienced 27 severe weather disasters each totaling more than $1 billion in damages, including Hurricane Helene, which wreaked havoc on parts of the Southeast.
- Generac CEO Aaron Jagdfeld told Reuters that these events resulted in 1.2 billion power outage hours during the first nine months of 2024, the most since 2010.
- In Q3, Generac saw its residential product revenue grow 28 percent, year-over-year.
What they’re saying: “There’s going to be a surge over the next six, 12, 18 months in residential standby units,” Jagdfeld said.
- “Those will be very popular in… all the storm-impacted areas,” he added, noting that the company is considering hiring 400 additional employees just to meet demand.
Yes, but: The generator opportunity extends well beyond storm-prone regions, with demand rising nationwide.
- The average American spends several hours without power annually — 5.5 hours in 2022, per the Energy Information Administration — and over 70 percent of the country’s electrical grid is older than 25 years.
- Plus, growing consumer reliance on medications that require refrigeration, along with electric vehicle use, is further driving demand.
The bottom line: The pressure on the power grid has become a “massively critical discussion point,” Jagdfeld told CNBC, adding that it’s “only going to get worse.”
- As power outages and aging infrastructure push generators into the mainstream, the overlap with HVAC continues to grow.
- Generac will report its Q4 takeaways, including forward-looking comments, on February 12.
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