According to Bloomberg NEF, the United States’ solar power generation increased by 0.9%, with solar power expanding by 15.4% and hydro and wind power declining. The Business Council for Sustainable Energy and Bloomberg New Energy Finance (BNEF) published the information in their Sustainable Energy in America 2024 Factbook.
With 23.7GW of installed capacity for the year, the U.S. set a record in utility-scale solar. The capacity of small-scale solar hit around 11.6 GW, which is also a record. However, by 2024, at least 50 GW of solar power is expected to be installed, according to Wood Mackenzie Renewables & Power and the Energy Information Administration (EIA) of the Department of Energy.
Also, In addition to the solar, 7.5 GW of battery storage and 7GW of wind were installed. The nation’s total deployed capacity reached 19.6 GW, a 62% increase in battery capacity deployment over the previous year. According to the EIA, 15.3 GW of additional battery storage capacity will be installed by 2024, representing a 78% increase in the country’s battery fleet.
Furthermore, While the country’s GDP grew by 2.4%, the overall electricity demand decreased by 2.2% from 2022. When these two data points are combined, the report states that the US GDP to total energy consumption grew by 3.8% per year, indicating a rise in energy productivity.
Moreover, Recovering from the 2022 delay caused by COVID and supply chain restrictions was the major factor contributing to the significant surge in deployment in 2023. Solar modules saw the largest price increase, with a notable spike in polysilicon costs having a major impact on pricing. Module costs have been hovering around record lows for the past several months, but since then, polysilicon prices have fallen precipitously.
Final Thoughts
Accelerate investment in solar infrastructure to meet ambitious targets. Prioritize research on wind and hydro solutions. Leverage battery storage growth for grid resilience. Sustain efforts for increased energy productivity to enhance economic and environmental sustainability.
