40GW Solar/Wind in 2024: Majestic Renewables Growth

• Catch the energy shift in 2024: US expected to add 40 GW of solar & wind capacity, resulting in 16% increase of renewable energy's share of electricity generation.

In 2024, the United States is expected to see a significant increase in its solar and wind energy capacity, with the addition of 40 gigawatts (GW). This follows a successful 2023, where 33 GW were added, including 25 GW of new solar capacity and 8 GW of wind-generating capacity. The Energy Information Administration (EIA) released a 'Short Term Energy Outlook,' forecasting a decrease in natural gas and coal generation due to the rise of renewables. The report predicts that the 40 GW of solar and wind capacity will result in a 16% increase in renewable energy's share of electricity generation, from 22% in 2023 to 25% in 2024.

Notably, natural gas is expected to account for 41% of U.S. electricity generation in 2024, down from 42% in 2023. This shift is attributed to the retirement of coal-fired capacity and the growth in renewable energy. The EIA suggests that the increased availability and lower operating costs of renewables will impact natural gas more than fuel prices. This development is significant for environmental sustainability and energy diversification, benefiting both the environment and consumers.

How Much Renewable Energy Capacity Will the US Add in 2024?

• This year, the United States is expected to add 40 GW of solar and wind capacity, compared to 33 GW added in 2023.
• The Energy Information Administration (EIA) predicts that this will result in a 16% increase in the share of renewables in US electricity generation, from 22% to 25% in 2024.
• Natural gas is expected to provide 41% of US electricity in 2024, down from 42% in 2023, with the shift attributed to the growth of renewables.
• The increased availability and lower running costs of renewables will have an impact on the natural gas industry more than fuel prices.
• This growth in renewable energy is beneficial for environmental sustainability and energy diversification.