By Energy Channel International
06/10/224
Washington, D.C. – Solar power is poised for a significant milestone in the United States, with forecasts indicating that it could soon become the country’s second-largest source of electricity generating capacity, surpassing traditional sources such as coal and natural gas.
With the growing demand for clean energy, the adoption of solar technologies has grown exponentially, reflecting the nation’s shift in energy systems toward renewable sources. A recent report from the U.S. Energy Information Administration (EIA) reveals that installed solar power capacity is expected to increase significantly in the coming years, driven by favorable government policies, financial incentives, and the continued decline in solar panel costs and the revival of American manufacturing.
Growth in Numbers
“Currently, solar power accounts for about 4 percent of total U.S. electricity capacity. However, projections suggest that this number could jump to 20 percent within a decade,” said EIA spokesperson Emily Davidson. “Advances in energy storage systems and improved efficiency of solar technologies are key factors accelerating this growth.”
According to the EIA, installed solar capacity grew by 25% in 2023, with thousands of megawatts added from utility-scale solar projects, in addition to the installation of panels on homes and businesses. States such as California, Texas, and Florida are leading the charge, contributing significantly to total capacity.
Supportive Policies
Government programs and subsidies, such as the Investment Tax Credit (ITC), which provides tax credits equal to a percentage of the cost of installing solar systems, have proven essential in stimulating investment in solar energy. In addition, the federal government’s drive to increase decarbonization and minimize dependence on fossil fuels is creating an environment conducive to renewable energy.
“Government support is crucial to taking solar to new heights and ensuring that we can meet our growing demand for electricity in a sustainable way,” said John Miller, energy policy specialist at the Solar Energy Industries Association (SEIA).
The Future of Solar Energy
With constant innovation in solar energy and storage technologies, experts believe the industry can not only meet, but possibly exceed, expectations. The competitiveness of solar energy, coupled with a growing awareness of the need for clean energy solutions, is attracting the attention of investors across a range of sectors.
“The future of solar energy in the U.S. looks bright. Soon, we will be able to look back on solar energy as not only a solution to global warming, but also a pillar of the country’s energy security,” concludes Miller.
In the meantime, the transition to a cleaner, more affordable energy mix continues, and solar energy is establishing itself as an essential player in this movement.
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Solar Energy Could Become the Second Largest Source of Generating Capacity in the U.S.
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