Solar, BESS will account for 81 percent of US new generation capacity addition in 2024

The US will add a whopping 62.8 GW of new utility-scale power generation capacity in 2024, and a massive 81 percent of that will consist of solar panels and battery storage, the US Energy Information Administration reports.

The agency's latest Preliminary Monthly Electric Generator Inventory report points out that a record 36.4 GW of utility-scale solar capacity will come online this year, nearly twice the country's 18.4 GW addition of 2023. More than half this capacity is planned across just three states, the report notes. Texas accounts for more than a third of new solar capacity additions at 35 percent, followed by California (10 percent), and Florida (6 percent).

The EIA report notes that supply chain challenges and trade restrictions in the sector are easing, which indicates solar will continue to outpace capacity additions from other sources in the coming years as well.

Battery storage will match solar in explosive growth. US battery storage capacity will nearly double in 2024, marking another record-setting year for the sector. Developers are forecast to add 14.3 GW of battery storage capacity in 2024 against existing capacity of 15.5 GW.

Last year, the US had added 6.4 GW of new battery capacity to the grid. Texas and California will lead here too. The Lone Star state is expected to add 6.4 GW of battery storage capacity in 2024, while California, the Golden State, will add 5.2 GW. Together, the two states account for 82 percent of the new battery storage additions in the US.

Wind, which saw record additions in 2020 and 2021 – more than 14 GW was added across their two years – has seen capacity additions slow down, in part due to supply chain issues. Developers are expected to bring 8.2 GW of wind capacity online in 2024. These include the 800 MW Vineyard Wind 1 off the coast of Massachusetts and the 130 MW South Fork Wind off the coast of New York.