The US solar industry has kicked off 2024 with unprecedented growth, marking the biggest January ever for solar energy. Recent data released by the Federal Energy Regulatory Commission (FERC) and the US Energy Information Administration (EIA) reveals a surge in solar capacity and electrical generation, setting the stage for continued expansion over the next few years.
In its latest report, FERC disclosed that solar accounted for a staggering 87.3% of new generating capacity in January, adding 2.527 GW to the nation's energy grid. This figure represents the second-highest monthly total ever recorded for solar installations, following closely behind December's remarkable 4.979 GW. Moreover, renewable sources collectively contributed to 98.3% of capacity additions in January, underscoring the sector's dominance in the energy landscape.
The surge in solar and wind installations has propelled the total installed capacity of renewable energy sources to 376.33 GW, constituting 29.17% of all US generating capacity. This milestone surpasses the installed capacity of both coal and nuclear power, signifying a significant shift towards cleaner energy alternatives.
Utility-scale solar capacity alone now exceeds that of nuclear power and hydropower combined, with a total of 104.61 GW. This figure excludes the additional capacity of small-scale, distributed solar systems, which further amplifies solar's impact on the energy sector.
Looking ahead, FERC predicts that utility-scale solar capacity will surpass that of wind within the next two to three years. The agency anticipates substantial additions to solar capacity, potentially reaching up to 218.646 GW by early 2027. In contrast, coal and natural gas are projected to experience significant declines in installed capacity during the same period.
The EIA's monthly report corroborates this upward trajectory, highlighting a 20.5% increase in solar generation compared to the previous year. Solar's share of total US electrical generation rose to 3.8% in January 2024, outperforming coal and rivaling nuclear power in contribution to the nation's energy mix.
Looking forward, the EIA projects continued growth in renewable energy generation, with utility-scale renewables expected to account for 25.2% of total US electrical generation by 2025. Solar energy, in particular, is poised for substantial expansion, with a projected increase of 76.1% between 2023 and 2025.
Ken Bossong, Executive Director of the SUN DAY Campaign, emphasizes the relentless momentum of solar energy, asserting that the industry shows no signs of slowing down. As renewables continue to gain traction, they are poised to play an increasingly pivotal role in shaping the future of America's energy landscape, driving sustainable growth and environmental stewardship.
The sun has risen on a new era of solar dominance, signaling a brighter, cleaner future for the US energy sector.