Renewable energy is now over 30% of total US utility-scale electrical generating capacity and on track to reach 37% by the end of 2027, according to data in two new end-of-the-year reports just released by the Federal Energy Regulatory Commission (FERC) and the US Energy Information Administration (EIA) and reviewed by the SUN DAY Campaign.
In addition, renewables – i.e., solar, wind, biomass, geothermal, and hydropower – provided almost 25% of the US’s electrical generation during the first 10 months of 2024.
Further, October was the 14th month in a row in which solar was the largest source of new capacity, putting it on track to become the US’s second-largest source of capacity, behind natural gas, in three years or sooner.
Renewables were over 90% of new generating capacity through October 2024
In its latest monthly “Energy Infrastructure Update” (with data through October 31, 2024), FERC says 41 “units” of solar totaling 1,970 megawatts (MW) were placed into service in October along with three units of wind (174 MW). Combined, they accounted for 99.9% of all new generating capacity added during the month. Natural gas provided the balance – a mere 3 MW.
During the first 10 months of 2024, solar and wind added 21,425 MW and 2,799 MW, respectively. Combined with 213 MW of hydropower and 6 MW of biomass, renewables were almost 90.5% of capacity added. The balance consisted of the 1,100 Vogtle-4 nuclear reactor in Georgia plus 1,456 MW of gas, 11 MW of oil, and 8 MW of “other.”
Solar was 92% of new capacity in October and 79% during the first 10 months of 2024
Solar accounted for 79.3% of all new utility-scale generation placed into service in the first 10 months of 2024. In October alone, solar comprised 91.8% of all new capacity added.
New wind capacity YTD accounted for most of the balance – 10.4% through October.
Solar capacity additions through the end of October were 80.5% higher than during the same period in 2023. Meanwhile, new natural gas capacity was less than one-sixth (15.3%) of that added last year.
Solar has now been the largest source of new generating capacity for 14 months straight, from September 2023 to October 2024. For a majority of those months, wind took second place.
Solar + wind are now over 21% of US generating capacity
The combined capacities of just solar and wind now constitute 21.2% of the US’s total available installed utility-scale generating capacity.
However, roughly one-third of US solar capacity is in the form of small-scale (e.g., rooftop) systems that is not reflected in FERC’s data. Including that additional solar capacity would bring the share provided by solar + wind closer to a quarter of the country’s total.
Solar’s share of US generating capacity advances it to fourth place
The latest capacity additions have brought solar’s share of total available installed utility-scale generating capacity up to 9.5%, further expanding its lead over hydropower (7.7%). Wind is currently at 11.8%. With the inclusion of biomass (1.1%) and geothermal (0.3%), renewables now stand at 30.37% of total US utility-scale generating capacity.
Installed utility-scale solar has now moved into fourth place – behind natural gas (43.3%), coal (15.5%) and wind – for its share of generating capacity after previously surpassing that of nuclear power (7.9%).
Solar will soon become the second-largest source of US generating capacity
FERC reports that net “high probability” additions of solar between October 2024 and September 2027 have risen to 93,803 MW – an amount more than four times the forecast net “high probability” additions for wind (23,261 MW), the second fastest-growing resource.
FERC also foresees growth for hydropower (1,316 MW), biomass (164 MW), and geothermal (90 MW). On the other hand, there is no new nuclear capacity in FERC’s three-year forecast, while coal, oil, and natural gas are projected to shrink by 19,863 MW, 2,244 MW, and 90 MW, respectively.
If FERC’s current “high probability” additions materialize, by October 1, 2027, solar will account for almost one-sixth (15.5%) of the nation’s installed utility-scale generating capacity. That would be greater than either coal (13.0%) or wind (12.6%) and substantially more than either nuclear power (7.4%) or hydropower (7.3%). The installed capacity of utility-scale solar would thus rise to second place – behind only natural gas (40.3%).
Meanwhile, the mix of all renewables would account for 36.7% of total available installed utility-scale generating capacity – rapidly approaching that of natural gas – with solar and wind constituting more than three-quarters (76.5%) of the installed utility-scale renewable energy capacity.
The combined capacities of all renewables, including small-scale solar, seem likely to exceed natural gas within three years
As noted, FERC’s data do not account for the capacity of small-scale solar systems. If that is factored in, within three years, total US solar capacity (i.e., small-scale plus utility-scale) is likely to approach – and very possibly surpass – 300 GW. In turn, the mix of all renewables would then exceed 40% of total installed capacity while the share of natural gas would drop to about 37%.
Moreover, FERC reports that there may actually be as much as 213,902 MW of net new solar additions in the current three-year pipeline in addition to 66,094 MW of new wind, 7,123 MW of new hydropower, 235 MW of new biomass, and 199 MW of new geothermal. In addition, new solar capacity has regularly exceeded FERC’s forecasts. Thus, renewables’ share could be even greater by early autumn 2027.
Solar is still the fastest-growing source of US electrical generation
In its latest monthly “Electric Power Monthly” report (with data through October 31, 2024), EIA says the combination of utility-scale and “estimated” small-scale (e.g., rooftop) solar increased by 26.3% in the first 10 months of 2024 compared to the same period in 2023.
Utility-scale solar thermal and photovoltaic expanded by 30.8% during the 10-month period (and by 37.8% in October alone), while small-scale solar PV increased by 15.8%, thereby making solar once again the fastest growing source of US electrical generation.
For perspective, between January and October inclusive, natural gas grew by 4.1% and nuclear power by just 0.7% while coal contracted by 4.0%.
Small-scale solar (i.e., systems <1 MW) accounted for 27.9% of all solar generation and provided 2% of US electricity supply in the first 10 months of this year.
Together, utility-scale and small-scale solar were 7.2% of total US electrical generation for the 10-month period and 7.7% in October alone.
Renewables provided 24% of US electrical generation in first 10 months of 2024
Wind and solar provided 17.2% of US electrical generation during the first 10 months of 2024.
Between January and October inclusive, electrical generation by the mix of all renewables (solar, wind, hydropower, biomass, and geothermal) grew by 9.0% year-over-year and provided 24.2% of total production. That share rose to 25.5% in October alone. By comparison, renewables accounted for 22.9% of electrical output in the first 10 months of 2023 and 23.1% in October last year.
The SUN DAY Campaign’s executive director Ken Bossong said:
Calendar year 2024 has proven to be a period of remarkable growth by renewables, especially solar.
The question now is whether they will continue that growth in 2025 or will the incoming Trump Administration adversely affect it.
Read more: Renewables powered 24% of US electricity in first 3 quarters of 2024
If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*
FTC: We use income earning auto affiliate links. More.
Comments