In 2019, alternative energy sources are booming. Solar, wind, geothermal, and others have found new applications in all-new fields. These are the technologies that won’t just serve as elements of individual companies or facilities; they’re going to be the backbone of the grid itself.
We’re taking a quick look at solar power as an example of just how much it has grown as not just a viable option, but the right option for many businesses, municipalities, and providers. One of the longest-running barriers for technologies like solar has been incentives. One such incentive, the Solar Investment Tax Credit, has played a big role in solar’s 50% annual growth since its inception in 2006. The ITC was renewed just ahead of its 2016 expiration, and there’s every reason to think it will be supported for years to come.
A big part of that optimism comes from encouraging statistics. Nearly 250,000 people work in the solar industry, double the number that worked in the field in 2012. Over 10,000 companies are classified as part of the solar field, which is now estimated to be worth $17 billion per year. Solar is one of the most heavily-supported industries in renewable investments, and that’s led to falling prices. Solar panels are now approximately 70% less expensive than in 2012. That drop in expense has made integrated a solar power system much more accessible. The average system in 2012 would cost approximately $48,000; that same set-up would cost just $18,000 today.
Only recent import tariffs caused solar installation across the country to decline, down by 2% in 2018. However, experts forecast that solar installations will double over the next five years, whether those tariffs remain in place or not. Total solar power will account for over 100 GW by the year 2021.
For the average business, this is all good news. More applications, lower initial costs, and better incentives mean including solar power as a part of your own energy environment isn’t just a pipe dream. Fortune 500 companies are committed because they know that solar just makes sense! Paired with energy storage options, we can utilize alternative energy like solar to lower your cost per kilowatt-hour; don’t sell your power back to the grid, keep it to save even more money!
This is just the start; solar is one of the most exciting technologies in a whole world of fast-changing options in energy production, storage, and implementation. Want to learn if solar is a good fit at your business? Call Keen today.