In today’s post, let’s delve into the recent report by the Federal Energy Regulatory Commission (FERC), which underscores solar energy’s increasing dominance in new generation builds across the nation. As you navigate through the burgeoning solar industry, such insights are vital to understanding the upward trend that solar panels for your home or a solar array for home usage might represent for the future.
Released recently, the FERC’s Energy Infrastructure Update for May 2024 offers a snapshot of the interconnection of new generation sources to transmission grids all over the United States. According to this update, solar energy claimed a stunning 78.9% of the 3,189 MW of new generating capacity added in May. That’s 2,517 MW of new assets coming online from solar companies nationwide, brushing past rivals like wind (277 MW), hydropower (211 MW), and natural gas (184 MW).
Take a moment to reflect on the numbers. From January to May 2024, solar companies brought a whopping 10,669 MW online – approximately 74% of the total 14,435 MW added across all technologies. The remaining was shared among wind (2,095 MW), nuclear (1,100 MW), and natural gas (348 MW).
When we assess the total currently installed and operational assets across all technologies, the United States has a robust 1,296 GW of electric generation capacity. The report reveals the mix is led by natural gas at 43%, trailed by coal (16%), wind (12%), and solar – which now boasts nearly 9% of the total energy mix, having overtaken nuclear energy (8%) as an electricity source.
But what does the future hold? The FERC anticipates solar’s domination to continue, with an estimated 90 GW of solar additions for the period June 2024 through May 2027, contrasted with 24 GW of wind and 14 GW of natural gas. Moreover, it expects approximately 17 GW of natural gas capacity and 18 GW of coal to retire during this period, signaling a shift towards more sustainable energy sources.
The arrival of these figures heralds the new dawn for solar, as more individuals and businesses are choosing solar panels for their homes or setting up a solar array for home use. It’s even more pertinent if you’re considering joining an increasing number of homeowners who are choosing to invest in solar. This investment not only represents a step towards sustainable living but could also signal significant savings in energy bills.
Navigating the vast landscape of solar companies and options available can be challenging, but understanding industry trends and having a grasp on the latest data could be your stepping stone to making an informed decision. Stay tuned for more updates, insight, and advice on the solar industry.
Original Articlehttps://pv-magazine-usa.com/2024/07/16/solar-nears-9-of-u-s-total-electric-generation-capacity/
