With a widespread interest in renewable energy and green living, it is no surprise that solar energy is becoming a popular option for homeowners and businesses. There is enough solar capacity in the United States to power 13.5 million homes.
According to the International Energy Association, renewable energy capacity will expand by 50% from 2019 to 2024 with solar power accounting for up to 60% of the total, and wind making up the remaining percentage.
The increase of solar power is changing world and shows no signs of slowing down. The next decade will no doubt launch many solar technologies and innovations. Here is what to expect from the solar industry in 2020.
With an increase of solar options on available for consumers and local and government-owned power companies taking notice, the price of solar is falling because of increased demand and competition. Along with the overall cost of solar decreasing, the cost of solar batteries used for backup power are decreasing. The cost of a lithium-ion solar battery has decreased by 35% from the first half of 2018. Overall, costs of lithium-ion solar batteries have decreased 76% since 2012. Homeowners in areas that experience frequent inclement weather are increasingly relying on solar battery power during weather-related power outages.
Increase of solar power in residential areas
As the demand and popularity of solar continues to grow, homeowners will jump on the bandwagon. A Pew Research Center Poll conducted in October 2019 revealed that 46% of homeowners in the U.S.had “given serious thought to adding solar panels at their home in the past year.” In addition, 92% of the participating adults stated that they are in favor of an overall solar power expansion.
Businesses and major corporations promoting renewable energy
Consumers are much more environmentally conscious and focused on the ethics of companies than in previous years. Businesses and corporations with solar power can use their investment in renewable energy to their advantage by attracting more consumers who value their mission to take part in clean energy. Target, Amazon, and Wal-Mart have implemented sustainability initiatives. Investing in renewable energy improves a company’s reputation and reduces costs, allowing for funds to be allocated to other aspects of the business.
Electric cars=solar power
Along with solar power, electric cars are another popular trend for the environmentally friendly consumer. The past decade has seen a massive increase in electric and hybrid vehicles on the market. Electric vehicle sales are estimated to reach 11 million in 2020. The growing popularity of electric/hybrid vehicles could cause a 38% increase in the demand for electricity in the United States. This increase for electricity will cause a shift in the energy market and lead to an increase in the demand for renewable energy, including solar.
The eco-minded electric car buyer is also more likely to purchase renewable energy such as solar panels. Many are installing solar charging systems so their cars can be completely powered by renewable energy.