In the early 2000’s, using solar power was often seen as something only millionaires were able to do. In less than two decades, that has completely changed. In the year 2000, the cost per watt for solar panels was about $10. These days, it’s reduced to $2 to $3. Solar panel efficiency has also increased. In 2012, the greatest efficiency was a little over 17 percent. Five years later in 2017, researchers created a prototype cell which could reach a little over 44 percent efficiency. The intrigue of clean energy such as solar, has led to many local governments, states, and even electricity providers providing financial incentives designed to help more homeowners and business owners invest in solar systems.
This increasing trend of folks using solar is having a significant effect on the general electrical production for the United States, as well. Renewable energy, in 2010, accounted for fewer than 5 percent of the electrical production for the U.S. Nowadays, less than a decade later, it is nearly 15 percent. Plus, utility-scale generation alone is predicted to increase by an additional 17 percent in 2020. Most utility providers who traditionally utilized fossil fuels are now changing over to renewable, clean energy due to the sizable financial savings they’ll bring. Renewable industries such as the solar sector aren’t just booming in the United States. One Bloomberg report claims that by 2050, it is predicted that 50 percent of electricity produced worldwide will come from renewable sources like solar.
It is estimated that the United States will be producing its share of that 50 percent. Currently, 37 states possess renewable portfolio goals or standards for its electricity providers to meet. Thirty-eight states possess net metering, or likewise programs. And it is expected that by the year 2025, state standards are going to support 103GW of renewable energy. By going solar, owners of homes will have the ability to save cash and reduce their utility bill, instead of worrying about increasing electricity rates because of the rising price of fossil fuels. Want to learn more about options involved in changing over to clean, green solar power? Call us at Tri-State Electrical Contractors today!