Solar photovoltaic and batteries are the big players in the energy transition in 2024, helping renewables knock fossil fuels – especially coal – off their pedestal in many countries and regions.
2024 was the year of solar and batteries – and this double act is set to reshape global energy systems. Solar superpowers are emerging all around the world, not just major players like China, but places like Chile and Rajasthan are showing how to rapidly reach high solar shares. Clean flexibility tools like storage and grids will unlock the full potential of solar, and the tumbling cost of batteries reveals the huge opportunity ahead.
This year the International Energy Agency declared that we’re entering the Age of Electricity, leaving behind the Age of Coal and the Age of Oil, as global energy systems are reshaped around clean electricity, with renewables helping to replace fossil demand not only in the power sector but also in transport, industry and beyond.
Looking back at Ember data and analysis this year, there are many highlights that show the accelerating shift towards renewables, with OECD nations including the EU and US rapidly reducing their reliance on fossil fuels and passing historic milestones. Despite headwinds, from geopolitical tensions to economic constraints, the energy transition is gathering pace.
#1 Solar power supercharges the renewables revolution
Solar continues to exceed market expectations, reinforcing its role as a key driver of the renewable energy transition. Ember’s analysis published in September estimated that the world will install 593 GW of solar panels this year. That’s 29% more than was installed last year, maintaining strong growth even after an estimated 87% surge in 2023. Many countries are showing higher installations this year compared to last year, including Türkiye (x2.07), India (x1.77), the US (x1.55) and China (x1.28).
Solar is stepping up as a major player in the energy transition, generating about a fifth of the world’s electricity during midday peaks of the summer solstice according to Ember’s estimates. In the entire month of June 2024, solar generated 8.1% of global electricity, compared to 6.7% in June 2023.
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#2 The new solar superpowers are emerging
While China is leading the world in solar capacity additions and absolute generation, the solar surge is happening around the world. Ember analysis found that 34 economies generated over 10% of their electricity from solar during 2023, with Chile becoming the first country to reach 20% solar share in its mix.
Rajasthan becomes the first Indian state to generate a third of its electricity from solar for eight consecutive months
Rajasthan generated over 33% of its electricity from solar between February and September of 2024, according to data from Ember’s India electricity data explorer. This state has long been a leader in solar generation, adding more capacity than any other state in recent years. As of August, Rajasthan had already added 5.3 GW of solar capacity in 2024, enough to power 6.7 million additional homes.
Ember’s data shows that Rajasthan also set an India-wide record for absolute solar generation in May when solar produced 4,511 GWh of electricity. A combination of solar with wind generated a record 45% of the electricity generated in Rajasthan that month, making Rajasthan the second Indian state (after Karnataka) to hit such a high monthly share of wind and solar.
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#3 Batteries are ready for take-off
Grid batteries are projected, on current policies, to rise tenfold by 2030. This means 1 MW of grid battery would be installed for every 6 MW of renewables installed from 2024 to 2030. Prices are collapsing, prompted by a surge in manufacturing capacity and simpler chemistry. Lithium iron phosphate (LFP) batteries do not use cobalt and nickel, and in 2023 already accounted for 80% of batteries used in grid storage. Sodium ion technology brings the promise of even cheaper and secure grid batteries.
Storage – and other forms of clean flexibility – will be crucial as economies move closer to a renewables-dominated electricity system. This year was the first time that COP set out a goal for a sixfold increase in storage, following the agreement last year to triple global renewables capacity. In 2023, six countries generated 40% or more of their electricity from solar and wind. By 2030, the whole world on average will be at 40% if a tripling of renewable capacity is achieved, and the need for clean flexibility will be even more important.
Certain countries and regions are already looking to take advantage of the cheap, clean flexibility that batteries provide. Ember analysis highlighted India as one case study in grid-scale battery deployment. Battery storage costs have halved there in the past few years, from $450/kWh in 2021 to around $200/kWh in 2024. As of October 2024, 16 GWh of grid-scale battery storage has been tendered in India, with 211 MWh already operational. Batteries are also taking off in the EU, where installed battery capacity doubled to 16 GW in 2023. 300 MW of storage projects colocated with renewables were already active by the end of last year. Ember analysis showed that continued declines in battery prices can further drive India’s coal phasedown.
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#4 Wind and solar overtake EU fossil fuels in the first half of 2024
Fossil generation continued to fall in the EU in the first half of this year, while wind and solar reached new heights. The EU generated a record 30% of electricity from wind and solar, surpassing fossil fuels’ 27% share for the first time. Furthermore, almost half of EU Member States generated more electricity from wind and solar than from fossil fuels in the first six months of 2024. Ember’s analysis published in July found that Germany, Belgium, Hungary and the Netherlands hit this milestone for the first time this year.
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The neighbouring UK is also achieving an important milestone this year, as low-carbon renewable power is set to overtake fossil fuels for the first time. Wind power alone out-generated gas in the first three quarters of the year. Depending on December weather conditions, wind could fully overtake gas to become the UK’s largest source of electricity in 2024.
#5 Wind and solar overtake US coal for nearly all of 2024
Across the Atlantic, US renewables are also pushing certain fossil fuels out of the mix. According to Ember’s data, wind and solar provided a record 17% of US electricity from January to November of 2024, overtaking coal’s 15% share for the first time. Even wind alone produced more electricity than coal in March and April, reaching 13-15% compared to coal’s 11%. Wind and solar produced 90 TWh more electricity compared to the same period last year, enough to power 9 million homes. While solar and wind rose 27% and 8% year-on-year respectively, coal fell 5% – continuing its two decades of decline.
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At the state level, Ember’s US electricity data explorer shows that 10 states currently generate 50% or more of their electricity from renewables. Strong winds in the Great Plains make Iowa a leader in share of solar and wind generation at 60.2%, with South Dakota coming in second (54%). Sunny Texas also hit a milestone in March when solar generated more electricity than coal for the first time.
#6 OECD coal falls to half of its peak
The UK, the birthplace of the Industrial Revolution, closed its last coal power plant this year. But it’s clearly not just the UK that’s ditching coal. Analysis by Ember showed that coal generation across OECD nations has halved since its peak in 2007. Almost all OECD countries are making good progress on phasing out coal power, replacing it predominantly with solar and wind. A third of OECD countries are already coal-free, and three-quarters are on track to be coal-free by 2030.
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Want the full story on 2024’s global electricity trends? Watch out for our Global Electricity Review in April 2025. Our annual review provides the first comprehensive overview of changes in global electricity generation based on reported data from over 200 countries.
