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Record Growth Predicted for Utility-Scale Solar in 2024

2024-03-01

The Energy Information Administration (EIA) has recently unveiled its projections for electric generation capacity additions set to take place in 2024, and the numbers are truly impressive. Last year saw a major boom in grid capacity additions, but 2024 is poised to far surpass those figures.

 

One of the most notable trends in the projections is the dominance of solar and battery storage projects in the pipeline for 2024. Solar energy is expected to account for a whopping 58% of the new capacity additions this year, followed closely by batteries at 23%. This equates to a record-breaking 36.4 GW of solar capacity and 14.3 GW of battery energy storage. And that's not even including distributed solar projects like residential and commercial rooftop installations, which would only further elevate solar's share of the market.

 

When it comes to utility-scale solar installations, Texas is projected to be the clear frontrunner in 2024, with plans to add 35% of the nation's total solar capacity. Following behind are California at 10% and Florida at 6%.

 

In addition to solar, battery energy storage is also expected to see significant growth this year. The U.S. has already installed about 15.5 GW of grid-scale batteries in its history, and EIA foresees an additional 14.3 GW being added and operational in 2024.

 

While solar and batteries are taking the spotlight, wind energy is expected to contribute 13% of the new capacity additions, followed by natural gas at 4%, and nuclear at 2%. Interestingly, there are no plans for new coal-fired plants in 2024, as more decommissioning projects are in the works.

 

For those looking to stay informed on the latest utility-scale capacity addition data, state-by-state, the pv magazine USA 50 states of solar data browser, powered by PV Intel, is a valuable resource to keep tabs on the ever-evolving landscape of renewable energy development.

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