No doubt about it, the US solar industry is growing at a rapid pace. Thanks to falling panel prices and ongoing government incentives, Americans are finally realizing the affordability and financial benefits of going solar.
Let’s look at some figures…
According to the Solar Energy Industries Association (SEIA) the US solar industry has experienced a compound annual growth rate of 60% since 2006. Fact is, no other conventional energy industry has seen growth even close to solar the past few years.
Believe it or not, it gets better…
In 2016 alone the SEIA estimates the solar industry will grow by another 119%. That’s right, this year solar is expected to double the amount of installed capacity of 2015. To be specific, there was 7.3 gigawatts (GW) of solar generation added in 2015, and an estimated 16 GW to be added in 2016.
That’s an astounding feat!
Now, here’s the deal…
Despite the rapid growth of the past few years, the solar industry is still in its infancy. According to the US Energy Information Administration (EIA) solar is only expected to account for around 3% of total US electricity generation by 2020- still a relatively small percentage.
But looking further down the road, the story is entirely different.
According to Bloomberg New Energy Finance (BNEF), 14% of US installed electrical generation capacity will come from solar by 2040. That means the amount of electricity coming from solar will more than quadruple over the next 23 years.
But wait a second, here’s where it gets really interesting…
Accurately predicting how much solar will power the US in coming years is no easy task. There are lots of moving parts and plenty of assumptions that have to be made. But in my research I’ve found that BNEF’s prediction of 14% solar adoption is very conservative.
Other energy industry experts believe solar and other clean energy technologies will be able to completely power the US electricity grid by 2030!
That’s right, solar’s exponential growth could continue for years to come until it completely erases other forms of conventional energy generation!
Of course, for that to happen solar would have to become cheaper than the ongoing operating costs of coal and natural gas fired utility plants. If that were to happen it would be an amazing feat!
What’s the takeaway from all this information?
Growth in the US solar industry has been incredibly robust the past few years. But the fact is, there’s still enormous amounts of growth coming for the solar industry here in Utah and the US!
Now’s the perfect time to join the clean energy trend and get your home or business on solar!
To a clean energy future,