The U.S. added 49 GW of new solar capacity in 2024, a new record for added solar capacity, according to a new report from the Business Council for Sustainable Energy, as reported by PV Tech. Renewable energy now makes up 24 percent of the U.S.’s energy portfolio.
Additionally, 5 GW of new wind capacity meant that 2024 was the first year ever added renewable energy capacity total more than 50 GW.
Using the metric of levelized cost of electricity (LCOE), which measures the relative expense of different types of electricity generation, solar and wind now both have the lowest LCOE of any type of electricity generation, including nuclear and coal. Solar’s LCOE is $45 per MWh and wind is about $40 per MWh. Fossil fuel sources like coal and natural gas have an LCOE as high as $122/MWh.
Part of the reason for solar’s gains – both in terms of added capacity and economic competitiveness – is the cost of storage is also declining. There was also nearly 12 GW of new storage capacity added in 2024, a 55 percent year over year increase.
In total, the U.S. generated 1,063 TWh of renewable electricity in 2024, the first time the U.S.’s has generated more than 1,000 TWh of renewables.
Greg Zimmerman is senior contributing editor for FacilitiesNet.com and Building Operating Management magazine.
