Solar and battery storage will account for 81% of new U.S. power generation capacity by 2024

The U.S. Energy Information Administration reports that by 2024, the U.S. will add 62.8GW of new utility-scale generating capacity, 81% of which will consist of solar panels and battery storage.

The agency's latest preliminary monthly generation capacity report states that a record 36.4GW of utility-scale solar capacity will come online this year, nearly double the 18.4GW the country is expected to add in 2023. The report states that more than half of that capacity is planned to be in just three states. Texas accounts for more than a third of the new solar capacity, at 35%, followed by California (10%) and Florida (6%).

The EIA report noted that the industry’s supply chain challenges and trade restrictions are easing, suggesting that solar PV will continue to outpace capacity additions from other sources in the coming years.

Battery storage is set to rival solar power in explosive growth. U.S. battery storage capacity will nearly double in 2024, which would be another record year for the industry. Developers are expected to add 14.3GW of battery storage capacity by 2024, compared to 15.5GW currently in the works.

Last year, the U.S. added 6.4GW of new battery capacity to its grid. Texas and California are set to lead the way here, too. The Lone Star State is expected to add 6.4GW of battery storage capacity by 2024, while the Golden State will add 5.2GW. Together, the two states will account for 82% of new battery storage in the U.S.

Wind power saw record growth in 2020 and 2021 — adding more than 14GW in two years — but its capacity additions have slowed due to supply chain issues. Developers are expected to bring 8.2GW of wind capacity online by 2024. These include the 800MW Vineyard Wind 1 off the coast of Massachusetts and the 130MW South Fork Wind off the coast of New York.

(Source: U.S. Energy Information Administration, Global Energy Storage Network, New Energy Network)