Solar energy has become one of the world’s leading sources of renewable energy. Solar panels have become common on homes throughout the US, and both businesses and public utilities are increasingly turning to solar for cheap, reliable, and sustainable power. But how is the solar industry doing as a whole? At Simply Solar, our mission is to offer expert solar installations for homes and businesses all over the Bay Area, so we’re here to take a dive into the state of the solar industry.
The Solar Industry in 2020
The solar industry, to put it into a word, is booming. Solar power installations have skyrocketed in recent years, with an annualized growth rate of 50% over the past decade. Part of that is driven by federal policies like the Solar Investment Tax Credit (ITC), passed in 2006, but it’s also due to changing consumer preferences and falling prices. Consumers are increasingly interested in a green, sustainable energy source that allows them to achieve energy independence and save thousands of dollars over the lifetime of the system, and thanks to the nearly 80% decline in the cost of solar panels since 2010, both residential and commercial solar installations have seen sustained growth.
Geographically, California still leads the nation in solar power production by a large margin, but other states are starting to close the gap. Markets as diverse as Minnesota, Florida, South Carolina, and Texas are all beginning to develop increased solar capacity, and this trend is set to continue as prices continue to fall. Utility-scale solar is also growing rapidly, with nearly 40 gigawatts of utility-scale solar currently operating and more than 25 gigawatts of capacity currently in the process of development. Analysts predict that utility-scale solar will account for nearly 2/3 of the solar market in the next few years.
Join the Solar Revolution
The solar industry is booming, but we’re only at the beginning of the true potential of solar power – and if you’re ready to join the solar revolution, we’re here to help. Simply Solar is proud to design and install solar power systems for a diverse array of homes and businesses, and our expert solar contractors know how to customize your system to ensure you the highest possible long-term ROI. Give yourself the gift of energy freedom: get a solar installation estimate today!