When we look at how far solar power technology has come over the past few decades, it is truly remarkable to witness the amazing advancements and improvements in efficiency, cost, and system reliability.
With as far as we’ve come, there’s still a lot to be done. We still have our work cut out for us when it comes to outfitting the world with high-quality solar power infrastructure that can improve the quality of life for millions. So, what does the future of solar power look like as we shift our gaze to the next few years? Will there be any huge revelations that will result in a quantum leap within the industry?
While no one has a crystal ball, there are some leading indicators that give us a good idea about what we can expect.
IEAs Take on the Matter
The International Energy Agency, or IEA, is a very well-known solar industry organization that keeps track of trends and patterns within the solar power industry.
In a recent report released by the IEA, they offer some speculation about what the next few years will hold for solar.
Some of this speculation includes some of these key highlights:
- Most of the growth we will see between now and 2024 will be within the ‘Distributed Solar’ subsector. Distributed solar power can be thought of as commercial or industrial-grade solar power systems, which is wholly different from residential solar power. Because distributed solar power is easier to scale as manufacturing technology improves, it will be where most of the larger-scale installations will take place. Larger installations mean more mW/hours of electricity production.
- Governmental tariffs, taxes, regulations, and subsidies will need to keep pace with this growth in order for it to be sustainable. When entire industries experience rapid growth like solar is set to do in the next five years, problems can come from the ways in which governments manage such sudden economic development. Without a smart and forward-thinking approach to taxation, tariffs, and subsidy management, energy markets can become seriously disrupted.
- Residential solar is still going to skyrocket. While the most impressive growth might be seen within the commercial sector, the IEA is estimating that rooftop solar systems will double in installed volume between now and 2024.
Clearly, all signs point to ongoing growth within the solar power industry. At Urban Solar, we’ve been designing, installing, and upgrading solar power systems for both commercial and residential customers since 1978. We’ve seen the explosive growth of solar first-hand, and we’re ready for whatever’s next.
Curious about having solar added to your home or business? Contact us today, and inquire about a free energy assessment.