Solar Looks Set to Dominate the US Renewable Energ
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Posted On: 01/31/2025 5:45:48 PM
Solar Looks Set to Dominate the US Renewable Energy Sector
Solar energy is poised to dominate America’s fledgling renewable energy industry amidst robust policy support and a nationwide surge in new solar installations. While several alternative sources of energy can replace fossil fuels, solar energy has taken center stage over the past two decades thanks to significant advancements in technology and an over 99% drop in solar energy prices.
A lot of green energy developers in the U.S. completed their solar projects in 2024, adding to America’s growing renewable energy capacity, and are now eyeing new opportunities for 2025 and beyond. As the U.S. transitions away from fossil fuels to renewables, solar will play an increasingly central role in the country’s green energy segment, especially if it is paired with adequate stationary storage.
Recent projections from the Energy Information Administration’s (EIA) Short Term Energy Outlook show that solar energy generation kilowatt-hours will hit 286 billion kWh by 2025 from 163 billion kilowatt-hours (kWh), a 75% growth rate supported by state and federal incentives. Even though solar still faces issues such as grid connection delays, high tariffs on certain imported components, and supply chain issues, the industry has significant forward momentum and is poised for major growth over the next decade.
According to the International Energy Agency (IEA), the U.S. is projected to add almost 500GW of new solar capacity by 2030. The 2022 Inflation Reduction Act coupled with federal tax credits has also spurred growth in the utility-scale solar segment even though high interest rates and net-metering rules in California have dampened solar expansion at the residential level.
Despite the challenges solar energy is facing, there has been notable growth in hybrid solar-plus-storage installations and utility-scale solar capacity across the U.S. The latest solar report from S&P Global shows that the U.S. gained an additional 11,190 megawatts of stand-alone utility-scale capacity, raising its total capacity to 92,832 megawatts.
Hybrid solar-plus-storage, on the other hand, gained 6,257.2 megawatts of solar energy capacity and 2,814.8 megawatts of storage capacity by October 1, 2024, bringing the country’s total solar and storage capacity to 286 billion megawatts and 9,925.7 megawatts respectively. Pairing solar energy with storage systems solves solar’s intermittency issues and allows solar farms to produce energy 24/7, increasing energy efficiency and making grids much more reliable.
However, the U.S. will have to make significant investments into building a domestic supply chain if it wants its green energy sector to be truly independent of Beijing. China currently produces most of the world’s photovoltaic solar panels and dominates the global battery supply chain, meaning America’s renewables sector is reliant on China in some capacity. Overcoming this dependency will require robust policy support as well as private and public investment in local industries.
As the uptake of solar and other forms of renewable energy gains traction, companies like First Tellurium Corp. (CSE: FTEL) (OTCQB: FSTTF) engaged in the value chain of extracting green energy minerals are poised to deliver great shareholder value.
NOTE TO INVESTORS: The latest news and updates relating to First Tellurium Corp. (CSE: FTEL) (OTCQB: FSTTF) are available in the company’s newsroom at https://ibn.fm/FSTTF
Please see full terms of use and disclaimers on the GreenEnergyStocks website applicable to all content provided by GES, wherever published or re-published: https://www.greennrgstocks.com/Disclaimer
Solar energy is poised to dominate America’s fledgling renewable energy industry amidst robust policy support and a nationwide surge in new solar installations. While several alternative sources of energy can replace fossil fuels, solar energy has taken center stage over the past two decades thanks to significant advancements in technology and an over 99% drop in solar energy prices.
A lot of green energy developers in the U.S. completed their solar projects in 2024, adding to America’s growing renewable energy capacity, and are now eyeing new opportunities for 2025 and beyond. As the U.S. transitions away from fossil fuels to renewables, solar will play an increasingly central role in the country’s green energy segment, especially if it is paired with adequate stationary storage.
Recent projections from the Energy Information Administration’s (EIA) Short Term Energy Outlook show that solar energy generation kilowatt-hours will hit 286 billion kWh by 2025 from 163 billion kilowatt-hours (kWh), a 75% growth rate supported by state and federal incentives. Even though solar still faces issues such as grid connection delays, high tariffs on certain imported components, and supply chain issues, the industry has significant forward momentum and is poised for major growth over the next decade.
According to the International Energy Agency (IEA), the U.S. is projected to add almost 500GW of new solar capacity by 2030. The 2022 Inflation Reduction Act coupled with federal tax credits has also spurred growth in the utility-scale solar segment even though high interest rates and net-metering rules in California have dampened solar expansion at the residential level.
Despite the challenges solar energy is facing, there has been notable growth in hybrid solar-plus-storage installations and utility-scale solar capacity across the U.S. The latest solar report from S&P Global shows that the U.S. gained an additional 11,190 megawatts of stand-alone utility-scale capacity, raising its total capacity to 92,832 megawatts.
Hybrid solar-plus-storage, on the other hand, gained 6,257.2 megawatts of solar energy capacity and 2,814.8 megawatts of storage capacity by October 1, 2024, bringing the country’s total solar and storage capacity to 286 billion megawatts and 9,925.7 megawatts respectively. Pairing solar energy with storage systems solves solar’s intermittency issues and allows solar farms to produce energy 24/7, increasing energy efficiency and making grids much more reliable.
However, the U.S. will have to make significant investments into building a domestic supply chain if it wants its green energy sector to be truly independent of Beijing. China currently produces most of the world’s photovoltaic solar panels and dominates the global battery supply chain, meaning America’s renewables sector is reliant on China in some capacity. Overcoming this dependency will require robust policy support as well as private and public investment in local industries.
As the uptake of solar and other forms of renewable energy gains traction, companies like First Tellurium Corp. (CSE: FTEL) (OTCQB: FSTTF) engaged in the value chain of extracting green energy minerals are poised to deliver great shareholder value.
NOTE TO INVESTORS: The latest news and updates relating to First Tellurium Corp. (CSE: FTEL) (OTCQB: FSTTF) are available in the company’s newsroom at https://ibn.fm/FSTTF
Please see full terms of use and disclaimers on the GreenEnergyStocks website applicable to all content provided by GES, wherever published or re-published: https://www.greennrgstocks.com/Disclaimer
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