Solar Power Poised to Lead US Electricity Generation Growth: EIA Report
The forecast predicts the addition of 36 GW of new solar capacity in 2024 and an additional 43 GW in 2025, totaling 286 billion kWh by next year.
January 11, 2024. By Abha Rustagi
The forecast predicts the addition of 36 GW of new solar capacity in 2024 and an additional 43 GW in 2025, totaling 286 billion kWh by next year.
As coal production and demand decline, solar energy is projected to account for 6 percent of total US generation in 2024 and increase to 7 percent in 2025, up from 4 percent in 2023.
The report indicates an 84 percent rise in US solar generating capacity over the next two years, establishing solar as the leading source of growth in the country's electricity generation through 2025.
The report acknowledges the continued importance of coal and natural gas to the US electric grid while recognizing the increasing significance of variable renewable resources like solar and wind.
Wind generation is also expected to grow, reaching a 12 percent share of total power generation by 2025. The rise in renewable energy comes at a time when domestic coal production is projected to decline by 16 percent in 2024 and an additional 12 percent in 2025.
As solar becomes a dominant force in the US energy landscape, the report suggests that the cost of US electric power generation from coal will decline to USD 2.40 per million British thermal units by December 2025.
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