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HomeNewsSolar and BESS to comprise 81% of new US generation capacity by...

Solar and BESS to comprise 81% of new US generation capacity by 2024

The US Energy Information Administration (EIA) forecasts a remarkable surge in utility-scale power generation capacity for 2024, with an astounding 62.8 gigawatts (GW) set to be added to the grid. What’s particularly striking is that a substantial 81 percent of this new capacity will be comprised of solar panels and battery storage, signaling a monumental shift towards renewable energy sources.

According to the EIA’s Preliminary Monthly Electric Generator Inventory report, a record-breaking 36.4 GW of utility-scale solar capacity is slated to come online this year. This figure represents nearly double the solar capacity added in 2023, emphasizing the accelerating pace of solar adoption. Notably, more than half of this solar capacity will be concentrated in just three states: Texas, California, and Florida, with Texas leading the charge at 35 percent.

In tandem with solar, battery storage is poised for explosive growth, with US capacity set to nearly double in 2024. Developers are projected to add 14.3 GW of battery storage capacity, marking another record-setting year for the sector. Texas and California will once again lead the way in battery storage additions, collectively contributing 82 percent of the new capacity.

Meanwhile, wind energy, which experienced significant growth in 2020 and 2021, is facing supply chain challenges that have slowed capacity additions. Nevertheless, developers are expected to bring online 8.2 GW of wind capacity in 2024, with notable projects like Vineyard Wind 1 off the coast of Massachusetts and South Fork Wind off the coast of New York contributing to this total.

The EIA report underscores the ongoing transition towards renewable energy in the US, driven by factors such as declining costs, policy support, and growing environmental awareness. With solar and battery storage leading the charge, the energy landscape is rapidly evolving, paving the way for a more sustainable future.