Dating all the way back to ancient times, human beings have been tapping the virtually unending resource of solar energy to aid in everyday life. Since the turn of the 20th century, solar power technology has made exponential bounds in the field of energy production and in the reduction of our reliance on ‘dirty’ fuels like coal. It’s no surprise to see the solar industry blossoming into a multi-billion dollar behemoth – but is this growth going to continue, or has the spread of solar reached its zenith?
Judging from multiple industry-specific indicators, the answer appears to be a resounding ‘no’. Here are 5 reasons why this is true.
#1: Costs Keep Dropping
A quick infographic from Clean Technica shows us that the cost per kilowatt-hour of solar has continued the trend of dropping, year after year. This allows solar power to become even more affordable for businesses and residences alike.
#2 PV Installed Capacity Is Growing Steadily
Check out the below chart showing the huge growth of PV installed capacity, including an outlook through 2020:
Image credit: GreenTech Media
#3 Solar Is Projected to Grow Globally
Top research firms like GTM Research are expecting the global output of PV systems to hit 237 gigawatts by 2018. That’s enough power to run New York City for 10 years!
The performance of the global solar power market will likely have an impact on domestic solar, so it’s a good idea to keep an eye on what is going on in other countries.
#4 The Federal ITC Extension
The Federal Solar Investment Tax Credit (or ITC) allows for a 30% tax credit for residential solar power system installations. This credit is currently scheduled to run throughout 2016, giving consumers a great incentive to go solar before the year ends.
#5 Overall PV Growth is Exponential
Looking at aggregated PV install data from across the globe, we can see that the rate at which the industry is growing is not slowing up, meaning that betting on continued solar growth is a near certainty.