In the long list of solar energy advantages, we have some significant benefits of solar power: radiation from the sun that produces heat causes chemical reactions or generates electricity. With a life expectancy of up to 40 years, many panels manufactured today carry a warranty of 25-30 years. Another benefit of using solar energy is that solar energy is free, excluding initial installation and maintenance.
According to a recent Environment America and Frontier Group study, wind, solar, and other renewable energy sources now make up just about 10 percent of the U.S. electricity supply, but moving to 100 percent clean energy is necessary and conceivable.
The U.S. has the technological capacity to satisfy its current electricity needs more than 100 times with solar energy and more than ten times with wind energy. Without introducing any new technology or using expensive batteries, the United States could reduce carbon emissions from electricity generation by as much as 78 percent, a new study suggests. However, a new national transmission network will have to be established by the government to exchange electricity.
Solar Energy Statistics 2019
The U.S. solar industry currently employs around 242,000 people and produces an economic impact of tens of billions of dollars. By the end of September 2019, more than 2 million solar P.V. systems will get installed by the U.S., totaling about 71,300 MW of solar power and producing more than 100 TWh of electricity.
How Many Homes Have Solar Panels in the U.S. in 2019?
Most U.S. adults prioritize developing renewable energy sources for the nation, such as solar or wind power, in the face of increased concern about global climate change, rather than growing U.S. exploration and fossil fuel production (77% vs. 22%). An increasing share of homeowners consider solar panels for home use, the same Pew Research Center survey shows.
The study adds that analysts expect that the U.S. would develop a 100 % renewable energy system at costs equal to or less than what the nation will have to pay to maintain its dependency on dirty energy.
It also notes that the International Energy Agency reports that an additional expenditure of about 1 percent of global GDP per year will be needed to restrict global warming to 2 ° C.
By 2050, this investment will achieve fuel savings of more than $115 trillion, with net savings of more than $70 trillion.
Solar Energy Growth Projections in the U.S.
The global size of the solar energy market was estimated at USD 52.5 billion in 2018 and will hit USD 223.3 billion by 2026, rising from 2019 to 2026 at a CAGR of 20.5 percent.
The government of the United States plans to slash the cost of producing electricity by 50 percent by 2030. Many states in the country, such as California, New Jersey, and others, have solar energy goals for 2030, generating several opportunities for the U.S. solar industry’s future.
The global solar energy market will see rapid growth due to decreasing solar energy equipment prices and improved battery storage competitiveness.
Market Share of Solar Energy
North America has the highest market share for renewable energy. The presence of well-developed infrastructure in the area is the reason for this dominance of North America.
U.S. Top 5 Largest Solar Firms
1. Cypress Creek Renewables
2. First Solar, Inc.
3. NextEra Energy, Inc.
4. EcoPlexus, Inc
5. 8minutenergy
To sum up, upcoming and ongoing projects focused on raising the share of solar in renewable energy are likely to drive the U.S. solar energy market.
The U.S will introduce a rapid rise in solar deployment in 25-30 years by a rapid increase in the need for end-of-life solutions.
All in all, the future of solar power is healthy. As costs decline and communities use their principles to guide their energy choices, most major electricity grid studies show solar expansion significantly.