In its most recent Energy Infrastructure Update, FERC claims that solar accounted for 2.527 GW in the first month of this year. Solar power added 87.3% new generating capacity in January. With the addition of 4.979 GW the previous month, this is the second-highest monthly total for solar ever recorded. In January, renewable sources added 98.3% of capacity.
Furthermore, With the addition of solar and wind, the total generated capacity of renewable energy sources rose to 376.33 GW, or 29.17% of the total generating capacity in the United States. The resources include geothermal, biomass, and hydropower.
Also, The total capacity of solar power, including rooftop systems, is more than 30% of all solar power. The installed utility-scale solar capacity, at 104.61 GW, currently surpasses the combined capacity of hydroelectric and nuclear power, at 101.41 GW.
Within the next two to three years, utility-scale solar capacity should surpass that of wind, according to FERC’s estimates. FERC projects net “high probability” solar additions (including system retirements) to reach 85.419 GW between February 2024 and January 2027.
In addition, FERC projects 24.443 GW of net new wind additions, 400 MW of net new geothermal energy, and 561 MW of net new hydropower. Coal is predicted to lose 22.24 GW of its installed capacity, while natural gas and oil are predicted to lose 3.131 GW and 2.051 GW, respectively.
EIA’s Electric Power Monthly Report
According to the EIA’s most recent monthly “Electric Power Monthly” report, utility-scale and small-scale solar grew by 20.5% when compared to the previous year. As a result, in January 2024, solar’s percentage of all electricity generated in the United States increased to 3.8% from 3.4% in the previous year. Small-scale solar power sources produced more electricity than coal by 0.7% and more than nuclear power by 10.2%. The EIA still expects a large increase in the electricity generated by renewables this year and next.
Moreover, According to the EIA’s most recent “Short-Term Energy Outlook,” between 2023 and 2025, solar energy alone will grow by 76.1%. Both solar and wind power plants will see comparable growth in their generating capacities.
Future Insights about Solar Growth
According to Ken Bossong, executive director of the SUN DAY Campaign, “the rapid growth by solar in both capacity additions and electrical generation shows no signs of stopping or slowing down.” The combination of all renewables will continue boosting its share of U.S. electrical output and producing capacity this year and beyond.