EIA: US To Add 36GW Of Utility-scale PV Systems By 2024

According to the U.S. Energy Information Administration (EIA) recently released research report, the U.S. energy market will enter a dynamic and transformative period in 2024, photovoltaic systems and battery storage systems will dominate the energy market, wind power, natural gas power generation, and nuclear power generation will also provide complementary.

The U.S. Energy Information Administration (EIA), in its "Preliminary Monthly Generator Inventory" report, estimates that in the U.S. installed capacity of new renewable energy sources in 2024, photovoltaic systems are projected to dominate the market, accounting for 58% of the capacity, followed closely by battery storage systems, accounting for 23%.

Growth in the PV Market

The installed capacity of utility-scale PV systems installed in the U.S. is expected to grow strongly in 2024, with a projected increase of 36.4 GW This growth is nearly double the 18.4 GW of new utility-scale PV systems added in 2023 and means that the U.S. installs yet another new annual record for utility-scale PV systems in 2024.

As supply chain challenges and trade restrictions ease, PV systems maintain their lead in installed capacity additions, outpacing other generation sources.

Most of the new installed capacity of utility-scale PV systems in the U.S. is concentrated in three states; Texas (35%), California (10%), and Florida (6%).

In addition, Nevada is developing a PV plant called Gemini with an installed capacity of 690MW, which will be complemented by the deployment of a battery storage system with an installed capacity of 380MW, which will be the largest PV+storage project in the US when it opens for operation in 2024.

Growth of the Battery Energy Storage Market

The U.S. is expected to witness record growth in installed capacity of battery energy storage systems in 2024, with U.S. energy storage developers planning to deploy 14.3GW of battery energy storage systems 6.4GW of new battery energy storage systems were added to the U.S. grid in 2023, representing a CAGR of 70%.

Texas and California are expected to account for 82% of the new installed capacity of battery storage systems in the U.S., with large-scale energy storage projects (such as the 460MW Menifee Power Bank battery storage system deployed in Riverside County, California) contributing to this surge.

Photovoltaic systems and battery storage systems installed in 2024 will account for 81% of new installed energy capacity in the United States.