Solar Energy and Battery Storage to Comprise 81% of New Electricity Generation in U.S. for 2024: EIA
February 16, 2024 | Source: EcoWatch | by Paige Bennett
According to a recent analysis by the U.S. Energy Information Administration (EIA), solar and battery storage is expected to dominate new electricity generation capacity for this year.
In 2024, there are currently plans to add 62.8 gigawatts of utility-scale electric generating capacity, about 55% higher than the 40.4 gigawatts of capacity added last year.
New solar electric generating capacity is predicted to make up most of the share of new capacity added in 2024 at around 58%, and battery storage is expected to make up about 23%, according to EIA’s Preliminary Monthly Electric Generator Inventory.
Solar growth could nearly double last year’s numbers, reaching an added 36.4 gigawatts of new utility-scale electric generating capacity in 2024 compared to the 18.4 gigawatts of solar electric generating capacity added in 2023. Initially, there were 29.1 gigawatts of planned solar development for 2023. Solar had been on the rise from 2010 to 2021, but then declined from 2021 to 2022. Now, it is back on the rise with this year’s predictions.
“As the effects of supply chain challenges and trade restrictions ease, solar continues to outpace capacity additions from other generating resources,” EIA reported.