With 2020 seeming like a blur of social distancing and working from home, there has been major growth seen in the solar industry despite a halt on a lot of other commodities. It’s no wonder, as solar energy is helping to allow people less fossil fuel dependence and help with their energy bills, allowing for a slight reprieve during this grave time. SEM Power in Tampa knows how important solar panel energy is in keeping the lights on but with a little less money. 

 

Solar Energy Growth In The US

In the U.S., solar represents about 43% of all new electricity generating capacity added in 2020. This is the largest ever share of new generating capacity, and with solar being the cheapest form of new power in many places, it doesn’t appear to be slowing down. This record high in the US was due in part to favorable economics, supportive policies and a strong demand in the second half of the year to offset the impact of the coronavirus pandemic. And with current incentives the way they are, people are seeking home renovations despite the pandemic, and taking advantage of the solar installation benefits. Whether Americans were searching for a “solar company near me” or finding friends in the solar business, this trend of increasing solar use is definitely going to continue.  

 

The Solar Industry

According to a report released by the Solar Energy Industries Association and Wood Mackenzie, with the 43% increase in solar installations over one year, there is now a record 19.2 gigawatts of new capacity in the US today. In the fourth quarter alone, the U.S. added over 8 GW of capacity, which is a quarterly record. The U.S. has a 97.2 GW of total solar capacity installed currently, and projected growth well into 2030 as well. One gigawatt is enough to power roughly 190,000 homes, thus with the 97.2 GW total, that’s enough to power 17.7 million homes right now. With the recent two-year extension of the investment tax credit, this will help to increase solar adoption into the coming years, according to Wood Mackenzie, with a projected 17% increase in solar development between now and 2025. 

 

Residential solar additions also saw a record-setting sales pipeline in the second half of 2020. With most of the solar operations ground to a halt in the second quarter due to the mass shutdowns nationwide, solar sales saw a boost once some locations started to slowly open later in the year. With more people interested in home improvements, it helped improve sales overall for the year and seems to be carrying over into 2021. California, Texas and Florida were the top three states for annual solar additions for the second year running, with Virginia and North Carolina rounding out the top five overall. And with loan providers rolling out more attractive products, home improvement continues to surge, and homeowners suffering from power loss and outages look for other means of electricity and energy resilience, the push for more solar energy is only going to exceed expectations in residential solar sales. The report looked further at growth forecasts, well into 2030, and is projecting that the U.S. solar market will quadruple from current levels by the end of the decade alone. 

 

Solar Company Near Me

With the sudden surge in solar energy booming into 2021, the incentives to install new solar panels into your home may not seem like a bad idea. Solar is better for the environment, and also helps reduce your utility bills, even eliminating them in some cases. The power of the solar market is only going to increase, so why not consider your home’s energy usage and how you can benefit from solar today.

 

Contact Us

If you’re ready to get solar energy into your home, don’t bother with a search for “solar company near me”, trust SEM Power instead. We have been serving the Tampa community and beyond for almost two decades now, and know how important the solar industry is to the future of homes and energy usage. We specialize in residential and commercial solar panel installation with the expertise and knowledge you need for a proper install. Call us today!

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