Regardless of how the economy as a whole has been doing, it’s safe to say that the solar industry has been in a boom phase recently.
In the residential solar subsector specifically, things have been going especially well. In Q3 of 2019, residential solar saw it’s best quarter ever, with a whopping total of 712 megawatts of solar installed throughout the country. This information comes from a recent report provided by the economic analysts at Wood Mackenzie.
The most remarkable statistic to come from this report is, we think, this one: residential solar in the United States has grown more than 45% year-over-year. The biggest contributor to this is the fact that 15 states had record quarters for residential solar installations in Q3 of 2019.
What This Means for Solar in America
There were plenty of skeptics who were predicting a slump in the solar industry in 2019. There were good reasons to think this, too—some overseas manufacturers were having a hard time maintaining competitiveness while also shipping enough products to keep themselves afloat. Moreover, fluctuations in crude oil prices meant that fossil fuel-based energy was still a huge component of our overall energy use.
Yet, here we are. It’s almost 2020, and the solar power industry in the United States is poised to have yet another great year.
Another key contributor to the success of solar in 2019 is smart governmental policy. Extending the Solar Investment Tax Credit played into this, as well as the federal government’s resistance to adding tariffs to imported goods needed to complete solar power installations.
So, what will the future hold for Urban Solar and the customers we serve?
If past is prologue, we’re looking at yet another year of new residential solar installations. And, even if the market does drop, we’re confident that any setbacks will be only temporary.
The SEIA Agrees
The Solar Energy Industry Association (SEIA) estimates that “Total installed U.S. PV capacity will more than double over the next five years”.
Now, this growth will almost certainly have a lot to do with new solar power projects that are commercial. However, the glass is definitely looking half full for residential, as well!
Are you considering going solar in 2020? Let us know! We’d love to work with you on your next solar project.
Contact Urban Solar today, and ask about having a customized energy assessment conducted by our team of trained solar professionals. We look forward to working with you!