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Analysts Expect More Than 50 GW of New US Solar in 2024


The US Energy Information Administration (EIA) says that about 45 GW of solar projects above 1 MW (AC) in size will be installed in 2024, while Wood Mackenzie estimates 8 GW of small-scale solar.

Jeroen van de Water, Unsplash

The EIA forecasts the deployment of 45 GW (DC) of utility-scale solar projects larger than 1 MW in 2024. This is projected increase to about 53 GW in 2025, said the agency.

Annual change in U.S. electric power sector capacity and generation by source

Adding Wood Mackenzie Power and Renewables conservative projections of 6 GW in residential solar and 2 GW in commercial projects, the total solar capacity expected for 2024 is 53.5 GW.

The projected figures for 2025 suggest a potential total of 65 GW of deployed solar capacity.

The EIA also said that utility-scale solar is expected to account for 6% of total electricity generation in 2024 and 7% in 2025. This is set against a backdrop in which overall electricity generation is predicted to grow by 3% in 2024 and remain constant in 2025.

U.S. Electricity industry Overview

Small-scale solar generation is expected to account for 2% to total electricity generation in 2024, increasing to 2.3% in 2025. This suggests that solar power could represent 8% of the total electricity used in 2024 and 9.3% in 2025. If deployment reaches about 65 GW in 2025, solar power could account for nearly 11% of all electricity generation in 2026.

Macroeconomic Indicators and CO2 Emissions

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