An analysis of data from the Federal Energy Regulatory Commission (FERC) highlights that renewable energy sources have led new U.S. electrical generating capacity in 2024, with more than 90% of the additions coming from solar, wind, hydropower, biomass, and geothermal. August 2024 marked the twelfth consecutive month where solar power was the largest contributor, nearly providing all new capacity for that month. In total, 99.8% of new generating capacity in August came from renewables, with solar alone accounting for the vast majority. For the first eight months of 2024, solar and wind combined made up 90.1% of the new generating capacity.

 

Solar energy, in particular, has grown rapidly in 2024, with the capacity added from January to August more than doubling compared to the same period in 2023. It accounted for 78.3% of all new generation for the year, far surpassing wind energy, which contributed 10.7%. Solar’s dominance over the past twelve months reflects its growing role in the U.S. energy landscape, now representing 9.2% of the nation’s total installed utility-scale generating capacity. When combined with wind, solar now contributes 21% of the U.S.’s total capacity, a figure that does not yet include small-scale solar systems like rooftop panels.

 

The report also reveals that the overall share of renewables in U.S. energy generation, including hydropower and biomass, now stands at 30.1%. Solar has surpassed both nuclear power and hydropower in its share of the U.S. utility-scale generation, positioning it as the fourth-largest energy source behind natural gas, coal, and wind. Looking ahead, solar is projected to become the second-largest source of generating capacity by 2027, driven by significant additions forecasted over the next three years.

 

FERC anticipates further growth in renewable capacity, particularly solar and wind, while conventional energy sources like coal, oil, and natural gas are expected to contract. If these projections hold, solar could account for 15.2% of U.S. capacity by 2027, with renewable energy as a whole contributing 36.4%. Including small-scale solar, renewables are on track to surpass natural gas as the leading energy source in the U.S. within the next few years.

 

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