A review by the SUN DAY Campaign of data just released by the Federal Energy Regulatory Commission (FERC) reveals solar provided nearly 87% of all new capacity in the first quarter of 2024.
In March alone, the sector accounted for 99.7% of capacity added, marking the seventh month in a row in which it provided more new US electrical generating capacity than any other energy source.
In its latest monthly “Energy Infrastructure Update” report (with data through 31 March 2024), FERC stated 52 “units” of solar provided 2833MW of new domestic generating capacity in March or 99.72% of the total.
For the first quarter of this year, it accounted for 86.79% (or 6497MW) of new generating capacity brought online while wind contributed 12.40% (928MW).
Natural gas trailed with 49MW (0.65%) accompanied by 5MW of oil, 3MW of biomass, 3-MW of “other,” and 1MW of hydropower.
Solar has now been the largest source of new generating capacity for seven months straight, from September 2023 to March 2024.
Further, new PV capacity added in the first quarter of 2024 was more than double the figure added in the first quarter of 2023 (2774MW).
Solar and wind combined now account for more than a fifth (20.02%) of the nation’s installed utility-scale generating capacity.
With the inclusion of biomass (1.14%) and geothermal (0.33%), renewables now claim a 29.37% share of total US utility-scale generating capacity, up from 27.67% a year ago.
Installed utility-scale solar has now moved into fourth place – behind natural gas (43.79%), coal (15.87%) and wind – for its share of generating capacity after having recently surpassed that of nuclear power (8.01%).
FERC reports net “high probability” additions of PV between April 2024 and March 2027 total 89,030MW – an amount more than three and one-half times the forecast net “high probability” additions for wind (24,483MW), the second fastest growing resource.
“FERC’s data for the first quarter seem to confirm forecasts by multiple sources that solar will dominate new capacity additions in 2024,” said SUN DAY Campaign’s executive director Ken Bossong.
“It is not unreasonable to suggest that solar’s growth this year will exceed expectations.”