@techreport{bibcite_36400,
  author = {Joachim Seel and Julie Mulvaney Kemp and Anna Cheyette and Dev Millstein and Will Gorman and Seongeun Jeong and Dana Robson and Rachman Setiawan and Mark Bolinger},
  title = {Utility-Scale Solar, 2024 Edition: Empirical Trends in Deployment, Technology, Cost, Performance, PPA Pricing, and Value in the United States},
  abstract = {<p>Berkeley Lab{\textquoteright}s {\textquotedblleft}Utility-Scale Solar, 2024 Edition{\textquotedblright} presents analysis of empirical plant-level data from the U.S. fleet of ground-mounted photovoltaic (PV), PV+battery, and concentrating solar-thermal power (CSP) plants with capacities exceeding 5 MW<sub>AC</sub> (PV plants of 5 MW<sub>AC</sub> or less, including residential rooftop systems, are covered separately in Berkeley Lab{\textquoteright}s companion annual report,\&nbsp;<a href="https://emp.lbl.gov/tracking-the-sun/"><em>Tracking the Sun</em></a>).</p><p>Key findings from this year{\textquoteright}s report include:</p><ul><li>18.5 GW<sub>AC</sub> of new utility-scale PV capacity came online in 2023, bringing cumulative installed capacity to more than 80.2 GW<sub>AC</sub> across 47 states.</li><li>Installed costs continued to fall in 2023. Relative to 2022, capacity-weighted averages decreased by 8\% to $1.43/W<sub>AC</sub> (or $1.08/W<sub>DC</sub>). Costs, based on a 7.1 GWAC sample of 76 plants completed in 2023, have fallen by 75\% (averaging 10\% annually) since 2010.</li><li>Plant-level capacity factors vary widely, from 6\% to 36\% (on an AC basis),\&nbsp;with a sample median of 24\%.</li><li>Levelized cost of energy (LCOE) of new 2023 projects increased slightly to $46/MWh prior to the application of tax credits but continued to fall to $31/MWh when accounting for federal incentives.</li><li>PPA prices have largely followed the decline in solar{\textquoteright}s LCOE over time, but newly signed longer-term PPA prices have increased since 2021, to an average of $35/MWh (levelized, in 2023 dollars).\&nbsp;</li><li>Solar{\textquoteright}s average energy and capacity value (i.e., ability to offset costs of other power generation sources) across the U.S. was $45/MWh in 2023. Solar{\textquoteright}s average market value was lowest in CAISO ($27/MWh), the market with the greatest solar generation share, and highest in ERCOT ($67/MWh).</li><li>Newer solar projects had greater market value in 2023 than their generation costs, yielding $1.1 billion in benefits. Projects built in 2022 delivered on average $15/MWh more market value than their costs in 2023.</li><li>Solar{\textquoteright}s combined value from wholesale electricity markets, public health and climate damage reduction were greater than generation costs and incentives, yielding $13.7 billion in net benefits in 2023. We estimate U.S. health benefits of $24/MWh and reduced global climate damages of $101/MWh.</li><li>Adding battery storage is one way to increase the value of solar. Deployment of 52 new PV+battery hybrid plants set a record with 5.3 GW installed in 2023. Our public data file tracks metadata and PPA prices from more than 100 PV+battery hybrid projects that are already online or that have secured offtake arrangements.</li><li>Looking ahead, a massive pipeline of at least 1,085 GW of solar capacity dominates the nation{\textquoteright}s interconnection queues at the end of 2023. Nearly 571 GW, or 53\%, of that total was paired with a battery {\textendash} in CAISO it was a staggering 98\%. Historically only 10\% of the requested solar capacity is built.</li></ul><p>For more information, and to explore related interactive data visualizations, go to\&nbsp;<a href="https://emp.lbl.gov/utility-scale-solar">utilityscalesolar.lbl.gov</a>.</p>},
  year = {2024},
  month = {10/2024},
  note = {<p>A brief overview of this study can be found <a href="https://emp.lbl.gov/news/berkeley-labs-latest-utility-scale-solar-report-analyzes-record-deployment-2023">here</a>. A webinar discussing this study was recorded on October 29, 2024, and can be viewed <a href="https://emp.lbl.gov/utility-scale-solar-2024-edition">here</a>.\&nbsp;</p>},
}