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As the leading commercial and government EPC in Albuquerque, OE Solar is excited to share some groundbreaking news in the renewable energy sector. A recent review by the SUN DAY Campaign, based on data from the Federal Energy Regulatory Commission (FERC) and the U.S. Energy Information Administration (EIA), highlights significant strides in solar energy generation in the United States.
Solar's Dominance in Renewable Energy
In the first ten months of 2024, solar energy accounted for a remarkable 79.3% of all new utility-scale generation placed into service. This impressive figure underscores solar's growing importance in the renewable energy mix, which now constitutes over 30% of the total U.S. utility-scale electrical generating capacity. This trend is expected to continue, with projections indicating that renewable energy could reach 37% of the total capacity by the end of 2027.
Record-Breaking Capacity Additions
October 2024 marked the fourteenth consecutive month where solar was the largest source of new capacity, contributing 91.8% of all new capacity added that month. Throughout the first ten months of 2024, solar and wind collectively added 21,425 MW and 2,799 MW, respectively. Solar capacity additions were 80.5% higher than during the same period in 2023, solidifying solar's position as the fastest-growing source of U.S. electrical generation.
Solar Surpasses Nuclear and Hydropower
The latest capacity additions have propelled solar's share of total available installed utility-scale generating capacity to 9.5%, surpassing both nuclear power and hydropower. Wind energy follows closely at 11.8%. With the inclusion of biomass and geothermal, renewables now exceed 30% of the total U.S. utility-scale generating capacity. If FERC's high-probability additions come to fruition, solar could account for nearly one-sixth (15.5%) of the nation's installed utility-scale generating capacity by October 2027.
Small-Scale Solar's Significant Contribution
In addition to utility-scale solar, small-scale solar (systems <1 MW) has also seen substantial growth. The EIA's latest "Electric Power Monthly" report indicates that small-scale solar PV increased by 15.8% in the first ten months of 2024 compared to the same period in 2023. Together, utility-scale and small-scale solar accounted for 7.2% of total U.S. electrical generation for the ten-month period and 7.7% in October alone.
The Future of Solar Energy
These developments highlight the rapid advancement and adoption of solar energy in the U.S. As the fastest-growing source of electrical generation, solar energy is poised to play a crucial role in the nation's transition to a sustainable and renewable energy future. At OE Solar, we are proud to be at the forefront of this transformation, providing innovative solar solutions for commercial and government projects in Albuquerque and beyond.
Stay tuned for more updates and insights from OE Solar, your trusted partner in renewable energy.
Source: Solar Power World, Dec 27