Bloomberg NEF: Microgrids, Sustainable Energy Thrive in 2024

Feb. 26, 2025
2024 was a banner year for solar, energy storage and microgrids, according to the Sustainable Energy in America 2025 Factbook from BloombergNEF and the Business Council for Sustainable Energy.

Sustainable energy is ready to meet increased demand in the U.S., according to the Sustainable Energy in America 2025 Factbook. The 13th edition of the factbook was recently published by Bloomberg NEF and the non-profit advocacy group Business Council for Sustainable Energy.

By and large, the authors found that sustainable energy technologies had a banner year in 2024, with renewable resources meeting a record volume of U.S. energy demand. Wind, solar, biomass, waste-to-energy, geothermal and hydropower technologies generated a total of 1,063 TWh of power generation, a 10.2% increase from 2023.

Only natural gas-fired generation, at 1,885 TWh, outpaced renewables.

Solar energy boom

Solar energy, including utility-scale and distributed residential and commercial and industrial rooftop generation, drove much of the increased renewable grid energy, the authors found. New solar generation capacity topped 49 GW last year, with utility scale solar growing 31.4% to 216 TWh.

Distributed rooftop solar generation from homes and businesses rose 15% to 85 TWh.

Microgrids bring resilience to storm-ravaged communities

With 27 climate-related disasters in 2024, the second highest number of incidents since 2010, the authors found that a growing number of communities and businesses are turning to microgrids to help weather the storms.

The factbook reports 59 new microgrids were commissioned in 2024, totaling 241 MW. About half (122 MW) of them are powered by natural gas, with solar and fuel cell systems accounting for 46 MW and 12 MW, respectively.

Energy storage microgrids delivered an additional 19.5 MW or 33.2 MWh.

Record-levels of energy storage

Thanks in part to increased competition driving down battery prices, battery energy storage deployments hit record levels last year, with an estimated 11.9 GW commissioned in 2024, according to the factbook.

“Cumulative battery capacity in the US reached 31.5 GW, compared with 23.2 GW of pumped hydropower, meaning that for the first time batteries can provide more instantaneous power to the grid than any other source of storage,” the authors said.

They added that incentives from the Inflation Reduction Act pushed the U.S. to become the second-largest battery storage market in 2024, behind China.

The authors also highlighted Pacific Gas & Electric’s Project Polaris, which received a $15 billion loan guarantee from the federal government to expand battery storage, upgrade grid capacity and create virtual power plants. 

Wind declines for 4th straight year

Off-shore and on-shore wind generation was one of the few sustainable technologies that struggled in 2024, as it has for the past four years according to the factbook. With development slowed by permitting and interconnection issues, just 10.8 GW of new capacity received approval to begin construction last year.

Hydrogen and carbon capture also saw less market traction than was expected

The Sustainable Energy in America 2025 Factbook can be downloaded here.

About the Author

Kathy Hitchens | Special Projects Editor

I work as a writer and special projects editor for Microgrid Knowledge. I have over 30 years of writing experience, working with a variety of companies in the renewable energy, electric vehicle and utility sector, as well as those in the entertainment, education, and financial industries. I have a BFA in Media Arts from the University of Arizona and a MBA from the University of Denver.

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