US Energy Landscape Set for Solar and Battery Dominance in 2024

24 Feb 2024 CW Team

In the anticipated additions, solar power emerges as the frontrunner, accounting for 58% of the new capacity, closely followed by battery storage at 23%. This marks a significant shift towards renewable energy sources.

Utility-scale solar is projected to experience robust growth in 2024, with a staggering addition of 36.4 GW to the grid. This nearly doubles the previous year's increase, setting a new record for annual utility-scale solar installations in the U.S. Despite supply chain challenges and trade restrictions, solar power maintains its momentum, outpacing other generating resources.

The lion's share of the new utility-scale solar capacity is concentrated in Texas (35%), California (10%), and Florida (6%). Moreover, Nevada's Gemini project, combining 690 MW in photovoltaic and 380 MW in battery storage, is poised to become the largest solar project in the country upon full operation in 2024.

Battery storage is also set for a remarkable surge in 2024, with U.S. developers planning to add 14.3 GW, nearly doubling the existing capacity. Texas and California are expected to lead this expansion, contributing 82% of the new U.S. battery storage capacity. Notable projects like the Menifee Power Bank in Riverside, California, will play a crucial role in this acceleration.

Combined, solar and battery storage will contribute a significant 81% of new power capacity additions in 2024, signaling a shift towards a more sustainable and resilient energy infrastructure.

While wind capacity additions have slowed in recent years, operators anticipate an 8.2 GW increase in 2024. Offshore wind plants such as Vineyard Wind 1 off Massachusetts and South Fork Wind off New York's coast will bolster the wind energy landscape.

Looking ahead, the National Renewable Energy Laboratory (NREL) predicts wind energy deployment to reach 770 GW and solar 1,090 GW by 2050, representing substantial increases over current levels. The EIA also foresees solar power emerging as the primary driver of electricity generation growth in 2024 and 2025, with significant capacity additions on the horizon.

The year 2024 appears to mark a pivotal moment in the United States' energy transition, with renewables spearheading the charge towards a greener and more sustainable future.

The U.S. Energy Information Administration (EIA) has released its outlook for 2024, painting a picture of significant transformation in the nation's energy landscape. According to the latest Preliminary Monthly Electric Generator Inventory, solar and battery storage are set to take center stage, supported by wind, natural gas, and nuclear sources. In the anticipated additions, solar power emerges as the frontrunner, accounting for 58% of the new capacity, closely followed by battery storage at 23%. This marks a significant shift towards renewable energy sources. Utility-scale solar is projected to experience robust growth in 2024, with a staggering addition of 36.4 GW to the grid. This nearly doubles the previous year's increase, setting a new record for annual utility-scale solar installations in the U.S. Despite supply chain challenges and trade restrictions, solar power maintains its momentum, outpacing other generating resources. The lion's share of the new utility-scale solar capacity is concentrated in Texas (35%), California (10%), and Florida (6%). Moreover, Nevada's Gemini project, combining 690 MW in photovoltaic and 380 MW in battery storage, is poised to become the largest solar project in the country upon full operation in 2024. Battery storage is also set for a remarkable surge in 2024, with U.S. developers planning to add 14.3 GW, nearly doubling the existing capacity. Texas and California are expected to lead this expansion, contributing 82% of the new U.S. battery storage capacity. Notable projects like the Menifee Power Bank in Riverside, California, will play a crucial role in this acceleration. Combined, solar and battery storage will contribute a significant 81% of new power capacity additions in 2024, signaling a shift towards a more sustainable and resilient energy infrastructure. While wind capacity additions have slowed in recent years, operators anticipate an 8.2 GW increase in 2024. Offshore wind plants such as Vineyard Wind 1 off Massachusetts and South Fork Wind off New York's coast will bolster the wind energy landscape. Looking ahead, the National Renewable Energy Laboratory (NREL) predicts wind energy deployment to reach 770 GW and solar 1,090 GW by 2050, representing substantial increases over current levels. The EIA also foresees solar power emerging as the primary driver of electricity generation growth in 2024 and 2025, with significant capacity additions on the horizon. The year 2024 appears to mark a pivotal moment in the United States' energy transition, with renewables spearheading the charge towards a greener and more sustainable future.