2024 Will Be A Year For Solar & Storage In USA

• Developers and power plant owners are gearing up to bring online 62.8 GW of new power generation capacity in the US this year 
• It will be led by solar PV projects that will account for 58% of the total at 36.4 GW 
• Easing supply chain challenges and trade restrictions will boost this growth for solar 

The year 2024 is likely to be a bumper year for the US solar industry as the Energy Information Administration (EIA) expects new utility-scale solar and storage additions to account for 81% of the country's electricity generation capacity. 

While solar PV additions are pegged at 36.4 GW, battery storage will make up another 14.3 GW as per the EIA's latest Preliminary Monthly Electric Generator Inventory. 

This will be out of the 62.8 GW of total new utility-scale power generation capacity expected to be added by developers and power plant owners this year. It will be 55% annual increase over 40.4 GW added in 2023. 

Solar energy will alone make up 58% of the total, followed by battery storage at 23%. It attributes the growth in utility-scale solar installations to the easing supply chain challenges and trade restrictions. 

Texas will contribute with the lion's share of 35% of these new solar installations this year, followed by 10% in California and 6% in Florida. Nevada alone will bring online what is believed to be the largest solar project in the US. It is the 690 MW solar and 380 MW storage Gemini project (see US Clears All Decks For Its 'Largest' Solar Project). 

"We expect a record addition of utility-scale solar in 2024 if the scheduled 36.4 GW are added to the grid. This growth would almost double last year's 18.4 GW increase, which was itself a record for annual utility-scale solar installation in the United States," according to the EIA. 

Texas again takes the top spot for the largest volume of battery storage installations at 6.4 GW with California adding 5.2 GW. Together, both these states will bring online 82% of the new battery storage capacity in 2024. 

Wind energy installations follow next with a huge gap from solar, at 8.2 GW. The EIA also anticipates 2.5 GW of planned natural gas capacity this year. Georgia's Vogtle Nuclear Power Plant will commission its delayed 4th reactor with 1.1 GW capacity. 

Wood Mackenzie and the Solar Energy Industries Association (SEIA) expect the US to add around 33 GW DC of new solar PV installations in 2023, and forecast 14% annual growth over the next 5 years. They warn of growth slowing down from 2026 (see US Exited Q3/2023 With 6.5 GW DC New Solar Capacity).