Power Generation and Cumulative Capacity of Solar Thermal Power Plants in United States of America (2017 – 2021)
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Net electricity generated by Solar Thermal power plants in United States of America reached 3,248.6 GWh in 2021, growing 3.4% YoY
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During the same year, the cumulative capacity of Solar Thermal power plants in United States of America reached 1,836.4 MW, declining 0.0% YoY
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Power generation recorded a historical decline at a CAGR of 0.2% between 2017 and 2021, while the cumulative capacity growth at 1.3% between 2017 and 2021
Power Generation and Cumulative Capacity of Solar Thermal Power Plants in United States of America (2017 – 2021)
With the increasing demand for energy, rising levels of pollution, fear of global warming, scarcity of fossil fuels, and increasing levels of greenhouse gas (GHG) emissions, many countries opted for sources of clean renewable energy. Several countries signed protocols with pre-defined emission reduction targets. The Paris Agreement is the most recent initiative in this direction, whereby each country voluntarily determined and presented its emission reduction target and pledged to achieve GHG reduction according to this target. Several countries that are party to the Paris Agreement devised plans to reduce conventional power and aid the growth of renewable power to reduce emissions. The main renewable energy sources are Hydro, Geothermal, Wind, Solar, and Biopower. Solar Thermal Power, also known as concentrating solar power (CSP), produces electricity by obtaining energy input by concentrating solar radiation and converting it into high-temperature steam or gas to run a turbine or motor engine. Solar energy helps reduce greenhouse gas (GHG) emissions for factories where Scope 1 and 2 emission factors are a concern, as this renewable source could be installed on-site and replace energy extracted from conventional sources. The global installed solar thermal power capacity increased from 1,106.3 megawatts (MW) in 2010 to 6,596.6 MW in 2020, at a compound annual growth rate (CAGR) of 19.5%. The global installed solar thermal power capacity is expected to reach 14,172.8 MW by 2030. In 2021, the top five regions in the solar thermal power market are Spain, the US, China, South Africa, and Morocco. The US is the second-largest solar thermal power market, with cumulative wind installed capacity of 1,836 MW as of 2021, growing at a CAGR of 1.3% during 2017–21. The solar thermal power market in the country generated 3,249 GWh of electricity in 2021, which declined at a CAGR of 0.2% during 2017–21. The US offers renewable energy incentive programs both at the federal and state levels to promote renewable power generation. The main federal incentive programs that encourage the growth of renewable energy are Production Tax Credit (PTC) and Investment Tax Credit (ITC). At the state level, most governments introduced renewable portfolio standard (RPS) programs, under which utilities have an obligation to purchase a certain percentage of their power, generally 10–20%, within a specified time frame from renewable sources within that state.
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