Photovoltaic and wind power generation in the second half of the year

Solar and wind energy will lead the growth in U.S. power generation for at least the next two years, according to EIA estimates. This report uses data from the EIA to analyze solar and wind.

In 2023, an estimated 96% of newly installed, utility-scale solar PV and onshore wind capacity had lower generation costs than new coal and natural gas plants. In addition, three-quarters of new wind and solar PV plants offered cheaper power than existing fossil fuel facilities.

Renewable power capacity additions will continue to increase in the next five years, with solar PV and wind accounting for a record 96% of it because their generation costs are lower than for both fossil and non-fossil alternatives in most countries and policies continue to support them.

As a result of new solar projects coming on line this year, we forecast that U.S. solar power generation will grow 75% from 163 billion kilowatthours (kWh) in 2023 to 286 billion kWh in 2025. We expect that wind power generation will grow 11% from 430 billion kWh in 2023 to 476 billion kWh in 2025.

In 2021, for the first time, more distributed solar (53%) was installed than utility-scale solar (47%). Wind and solar accounted for 57% of the capacity installed in 2021—the fifth straight year they contributed more than half of capacity additions.

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6 FAQs about [Photovoltaic and wind power generation in the second half of the year]

Will solar and wind energy lead the growth in US power generation?

Solar and wind energy will lead the growth in U.S. power generation for at least the next two years, according to EIA estimates. This report uses data from the EIA to analyze solar and wind capacity and generation over the past decade (2014 to 2023) in all 50 states and the District of Columbia.

Are solar and wind the future of energy?

Solar and wind account for more of our nation’s energy mix than ever before. To study America’s growing renewable electricity capacity and generation, Climate Central analyzed historical data on solar and wind energy over a 10-year period (2014 to 2023).

How will solar PV & wind impact global electricity generation?

The share of solar PV and wind in global electricity generation is forecast to double to 25% in 2028 in our main case. This rapid expansion in the next five years will have implications for power systems worldwide.

How many GW of solar power will there be in 2025?

The combined capacity at pre-construction and announced stages for utility-scale solar power reaches 387 GW and 336 GW for wind. This includes the second and third waves of “mega wind & solar bases” with a combined capacity of approximately 503 GW, which will come online between 2025 and 2030.

How does new solar power capacity affect generation growth?

Wind and solar developers often bring their projects on line at the end of the calendar year. So, the new capacity tends to affect generation growth trends for the following year. Solar is the fastest-growing renewable source because of the larger capacity additions and favorable tax credits policies.

Did wind and solar add more energy in 2023?

Wind turbines and solar photovoltaic panels in Guizhou, China. Credit: Cynthia Lee / Alamy Stock Photo In 2023, wind and solar combined added more new energy to the global mix than any other source, for the first time in history, according to Carbon Brief analysis of newly released data.

Photovoltaic and wind power generation in the second half of the year