According to the Energy Information Administration’s latest report, the electricity generation with solar will increase by 3% in 2024. The EIA forecasted this in its Short-Term Energy Outlook report.
The main force behind this energy shift is solar power. 41% more electricity will come from solar in 2024 than in 2023, according to the EIA. Also, the significant increase in generation is due to the 19 GW of solar capacity built in 2023 and the over 37 GW predicted for this year. Overall solar generation will increase by another 25% by 2025.
Furthermore, Utility-scale solar will account for 60% of the projected 114 billion kWh (3% percent) increase in U.S. solar power generation in 2024. According to the EIA, wind and hydropower together account for 19% and 13%, respectively, of the rise in energy generation projected for 2024.
In addition, solar energy is actively lowering the quantity of natural gas used in the US to generate electricity. The EIA stated that “growth in natural gas consumption beyond 2023 levels is being prevented by the availability of more electricity generation from renewable sources, particularly solar, in 2024 compared with 2023.”
The EIA stated that “we forecast that natural gas consumption in the electric power sector will be about the same as last summer, which saw the most power sector consumption on record,” despite the prediction for a 3% increase in electricity generation this year.
Solar Power Future Outlook
Overall, there is a long way to go until the US achieves its decarbonized economy targets with solar and other renewable energy. According to the EIA, energy costs account for about 6% of the GDP of the US. The United States’ energy sources currently emit close to 5 billion metric tons of carbon dioxide annually, and the EIA does not predict a significant decrease in emissions until 2025.