PV Solar Market Growth in the US

PV Solar Market Growth in the US

PV Solar Market Growth in the US

According to Bloomberg New Energy Finance, the United States should create 4% of electricity through photovoltaic solar panels and solar thermal technologies. Each year for the past 4 have marked significant growth of solar capacity. Currently, the United States generates 1.4 GW of electricity from solar (1 GW is enough to power 750,000 homes).

The amount of solar electricity production by 2020 heavily depends on the amount of solar financing available. According to Bloomberg, nearly $100 billion in private investment and solar financing will be required. This will increase the United States' solar energy production to 44 GW.

The growth is expected thanks to strong government support and decreasing cost of equipment. Currently, the federal government's solar policy is the industry's strongest ally. With the recent agreement to install solar on the White House and the current 30% tax break (off the cost of a solar installation), the federal government has shown that renewable energy is becoming a priority.

Over the next decade, the cost of solar energy and electricity produced from conventional sources will be the same without subsidies. To get there, the government must continue solar subsidies to keep money from the private sector flowing into solar.

With the growth of solar over the next decade, the United States is investing in our future through ensuring cheap, abundant energy. As conventional sources of energy are used up, cheap and abundant alternatives are required. Solar is a promising technology and as investment in solar research will increase through the next decade, the price of solar will continue to decrease.

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