In a preview of a soon-to-be released annual report from the Solar Energy Industries Association (SEIA) and the GTM research, it has been reported that the electricity generating capacity of solar photovoltaic (PV) installations added to the US electrical grid in 2016 was higher than any other type of electricity generating technology. 39% of all new electricity capacity, equivalent to around 14.6 GW, was added in 2016, a 95% increase from 2015. Together, new solar and wind installations comprised 65% of all new electricity generating capacity in the US, reflecting the fact that the costs of solar PV installations have been cost competitive with traditional sources across much of the US.
As the price of electricity from solar PV continues to drop, this creates a huge opportunity to use electrochemical technologies to convert low-cost, carbon-free electricity into storable chemicals and fuels.
Plot of new electricity generating capacity in the US by year and type of technology. Source: Source: GTM Research / SEIA U.S. Solar Market Insight Report