Acceleration of the capacitance extraction of planar structures on a single‐layered medium is reported in this article, using the forward‐backward (FB) method with a spectral acceleration (SA) algorithm. The conventional spectral‐layered medium Green's function is modified appropriately so that it can be effectively incorporated into this method. The SA algorithm substantially speeds up the computational time involving in performing matrix‐vector multiplications in the iterative method of moments (MM). However, the memory requirement for the SA algorithm is comparable to that of the FB method. The computational complexity and the memory requirement are shown to be O(N) for large capacitance extraction problems, where N is the total number of unknowns in the MM for increasing one of the surface dimensions of planar structures and fixed neighborhood distance. © 2014 Wiley Periodicals, Inc. Microwave Opt Technol Lett 56:694–700, 2014