Traditional electricity is a way of the past. With solar energy growth skyrocketing over the last few decades, 2021 expects to see even more of a rise.
Solar Energy Growth in 2021
Beyond 2020, all market segments continue to face some uncertainty due to the coronavirus. But don’t expect solar installations to come to a screeching halt.
Thanks to the solar power tax break residents and business owners are seeing, the demand for solar systems will continue into the 2021-2023 time frame, setting up for a series of record years.
As the solar installation costs continue to decline, the market is expected to continue its rise in 2021. More than 96% of the net new energy generation in 2021 will come from solar and wind sources. The anticipated solar growth results from the construction costs falling by 37% from 2013 to 2017.
Solar Cost Decline
According to the Solar Energy Industries Association, SEIA) over the last decade, the cost to install solar power has dropped more than 70%, resulting in solar installations expanding into new markets and deploying thousands of systems across the nation. In the early months of 2020, solar systems were at their lowest levels in history, noticeably in the residential market. Previously, it was estimated that residential solar installation started at $40,000 in 2010 and dropped to roughly $20,000 today. The incredible drop in solar installation costs resulted in a tremendous growth rate in the United States.
Growth of Solar Power in the US
The US installed 3.5 gigawatts (GW) of solar power at the beginning of 2020, enough to power 16.1 million homes.
Due to solar installation costs declining, the solar power market in the US has skyrocketed. Traditionally, California has dominated the market, but other states are rapidly turning to solar systems as their preferred power source. States outside of California made up the largest share of the market last year. Coming in second place following Florida is Texas, with a cumulative capacity of about 4,606.20 megawatts (MW). That’s a lot of solar power that our big state is getting.
In total, the U.S. solar market will install nearly 100 GW of solar from 2021-2025, more than what was installed over the last five years.
Solar System Benefits
There are several benefits to going solar. Whether you’re considering solar power generation for your business or home, the pros are endless.
- A Renewable Energy Source: The great news about solar energy is that you can never run out. It will always be accessible as long as there is a sun.
- Reduces Electricity Bills: Since access to the sun is free, and that’s how you’re powering your electricity, your bills will certainly drop. However, how much you save on your bill is dependent on the size of your solar system.
- Low Maintenance Costs: Solar systems generally don’t require a lot of maintenance, except for annual panel cleanings and inspections, which you should hire a professional to do. And the great thing about solar is that there are no moving parts, so you won’t need to worry about replacing the mechanics of your system annually.
- Extends Roof’s Lifespan: Because a solar system is built to be protected from the elements, such as rain, snow, and debris, equipping your home or business with a solar system will extend the life of your roof.
- Improves Home/Building Resale Value: Potential home-buyers typically perk up when they hear a house or commercial building on the market is already equipped with a solar system. It excites potential buyers because they can benefit from the low-cost energy bill without making an investment upfront.
Get Renewable Energy With O3
O3 Energy has experience in several areas of solar installation. From residential and commercial to nonprofit and government, our expert solar technicians are equipped with the skills to handle any solar project, big or small. Business owners consider a solar PV system a long-term investment while home-owners reap the benefits immediately with lower energy bills. Not only is solar power excellent for the environment, but it boosts the longevity of your home or business. The way of the future is solar. Contact us today to start planning your installation.
