U.S. forecast: 62.8 GW surge in solar and battery storage by 2024, with renewables reshaping the power sector.
In what is being forecasted as a significant leap in the U.S. energy sector, the forthcoming year is poised to witness an 81% increase in new electric-generating capacity, substantially attributable to solar and battery storage innovations.
As reported by CleanTechnica, this 62.8 gigawatt growth, as articulated by the U.S. Energy Information Administration, represents a 55% increase compared to the 40.4 GW added in 2023. That's a significant acceleration!
The projected expansion in solar accounts for 58% of the new capacity, while battery storage constitutes 23%. This pivotal transition not only underscores the industry's adoption of cleaner energy sources but also the potential reshaping of the nation’s power infrastructure.
Examining the data more closely, a record volume of utility-scale solar power is set to gild the American electric grid. Standing on the precipice of double the previous year's growth, the expected 36.4 GW induction dwarfs last year's increment of 18.4 GW and offers a beacon of renewable ambition as supply chain and trade impediments begin to subside. Texas, California, and Florida are the vanguard states in this sun-driven ascent, together aiming to house over half of the burgeoning solar capabilities.
Parallel to the solar surge, the sphere of battery storage is on the brink of its own record-setting expansion. The industry is gearing to nearly double its capacity with the introduction of an additional 14.3 GW, thanks to the string of new storage facilities coming online. Integral to the proliferation of renewable energy, such as solar and wind, battery storage's rise in demand is partly fueled by new policy incentives like the Inflation Reduction Act, which ushers in tax credits for standalone storage units—a boon for developers and the sector alike.
While solar and storage predominate the narrative, wind energy maintains a steady course with an anticipated 8.2 GW of new capacity on the horizon for the same year. Notably, two prominent offshore wind projects are slated to commence operations: Vineyard Wind 1 off the Massachusetts coast and South Fork Wind near New York. These installations reflect the ongoing, albeit measured, commitment to wind as a renewable resource.
As renewable sources ascend, natural gas sees less favor in the energy expansion playbook. A mere 2.5 GW of natural gas capacity additions are planned for 2024, marking a 25-year low. Interestingly, simple-cycle gas turbine plants are expected to dominate the added capacity, with their rapid response capabilities providing crucial support for the evolving grid.
The nuclear sector has one significant update for the year 2024: the fourth reactor at Georgia's Vogtle nuclear power plant is slated for start-up. After delays, March 2024 has been set for the reactor to become operational, following the third unit that went live in the latter half of the previous year. And let's not forget about Sam Altman's nuclear startup that's planning to go public. For more about the pros and cons of nuclear power in particular, check out our article on the subject.
Source: CleanTechnica
Subscribe now for the latest trends, technology updates, and industry news.
