By Sarah Lozanova
The U.S. has enough installed solar energy capacity to power 4.6 million homes. Solar energy accounted for 32 percent of total new power generation in 2014, exceeding coal and wind energy but lagging behind natural gas. In just nine years, the installed cost of solar energy has fallen by more than 73 percent – setting up the industry for explosive growth.
TriplePundit spoke with Vikram Aggarwal, founder and CEO of EnergySage, the so-called “Expedia of solar,” about solar energy trends and what to expect for 2016 in the residential market.
1. Unprecedented boom continues
Last year, analysts predicted that solar would grow by 57.4 gigawatts in 2015. The recent five-year extension of the investment tax credit (ITC) in the U.S. for both residential and commercial installations further enhances the growth trend. Now that solar manufacturing capacity has expanded significantly, the price of solar equipment has plummeted – making solar energy cheaper than grid-supplied power in many markets.
“The residential solar market is a vibrant $7 billion industry, and on track to generate more revenue by year-end 2016 than Major League Baseball,” Aggarwal said. “The economics of solar are rapidly changing for solar shoppers, installers and financiers alike.”
Freelance energy efficiency and renewable energy copywriter