The International Renewable Energy Agency (IRENA) reports that, between 2010 and 2023, the global weighted average levelized cost of energy of concentrating solar power (CSP) fell from $0. 39/kilowatt-hours (kWh) to under $0.
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.
What is the growth rate of solar?
Join today! Solar has seen massive growth since 2000. There are now over 219 gigawatts (GW) of solar capacity installed nationwide, enough to power over 37 million homes. In the last decade, solar deployments have experienced an average annual growth rate of 26%.
In 2022, PV represented approximately 46% of new U.S. electric generation capacity, compared to 4% in 2010. Solar still represented only 9.0% of net summer capacity and 4.7% of annual generation in 2022. However, 16 states generated more than 5% of their electricity from solar, with California leading the way at 27.3%.
• Total peak monthly U.S. solar generation increased by a factor of 8.8 from 2014 to 2023. Note: EIA monthly data for 2023 are not final. Additionally, smaller utilities report information to EIA on a yearly basis. Therefore, a certain amount of solar data have not yet been reported. "U.S. Total” includes DPV generation.
Small-scale solar produced an estimated 73,619 GWh or about 31% of all solar generation in 2023 — compared to 164,502 GWh generated by utility-scale installations. California generated the most electricity from small-scale operations (28,102 GWh) in 2023, which accounts for around 41% of the state's total solar electricity generation for the year.
Outside of California, Texas, Florida, and North Carolina were the states with the largest solar PV capacity. In recent years, solar power generation has seen more rapid growth than wind power in the United States. However, among renewables used for electricity, wind has been a more common and substantial source for the past decade.