Solar power is booming, solar panels are going up
The solar energy industry is booming and it is bringing some big names to the party.
The panels are coming.
Solar power is expected to be the fastest growing renewable energy sector in the U.S. in 2020, with the new wave of panels bringing the industry to $16.6 billion, according to the latest data from GTM Research.
The growth is the result of two major factors.
The first is the growing number of solar farms and installations that are on the grid.
And second, a lack of federal restrictions on solar panels, said Michael A. Lacey, the vice president of GTM research and director of GTE’s Power & Utilities division.
“There’s an incentive to install more solar panels in order to receive the federal subsidies,” Lacey said.
Solar panels cost between $10,000 and $100,000 to install.
But because the panels are usually installed on rooftops, they are a relatively inexpensive way to generate electricity for homes.
GTM expects the cost of installing solar panels to drop from $12,000 in 2020 to about $10 in 2025.
“Solar panels are a way to replace a gas-fired generation source,” Lacy said.
“They also provide a way for solar power to generate power on grid parity, which means solar power plants can meet the full needs of a large percentage of the country.”
The solar industry has had an especially strong start to the year.
The market for solar panels has been growing for the past five years.
The industry saw about 1.7 gigawatts (GW) of new capacity installed in the first quarter, with about 5.4 GW coming on line this quarter, according the Solar Energy Industries Association.
The boom in the solar industry is also coming on a very strong fiscal year, with solar panels projected to be worth about $2.6 trillion this year.
Solar power generated about $6.7 trillion in revenue in 2016, up about 17% from the previous year.
But the solar panels still need to go up.
A recent study by the Energy Information Administration projects that by 2040, solar energy will account for a smaller percentage of electricity than wind and nuclear combined.
In addition, the market for new rooftop solar panels is expected the largest in 20 years.
“We expect the cost per watt will drop, but the cost to generate the power will continue to go down,” Latherys said.
That’s because solar panels produce electricity for a fixed cost, which is much lower than the fixed costs associated with fossil fuels.
Lacey said solar power can be a very competitive energy source, because it’s very cheap to build, operate and store.
And it is, in some ways, the best energy source for a lot of reasons.
Solar is cheaper than gas, which can be more expensive to heat and cool, and it can be harder to store, since it takes longer to store.
The cost of storage depends on how much power you want to store and how much electricity you want.
The more solar you have, the less the cost goes up.
The market is also seeing more solar farms being built.
There are now more than 2,200 solar farms on the market, up from about 1,600 a year ago, according with GTM.
That number is expected increase in the coming years.
And there are also solar panels being installed all over the country.
Solar farms are expected to add nearly 1,000 MW of new solar capacity this year, according GTM, up more than 15% from 2015.
That will put the U to a solar market value of about $15.2 trillion by 2035.