The future of solar energy is bright, and will likely continue that way in the coming years.
Over the years, solar energy has gained serious momentum among homeowners and business owners alike. Knowing that there is an option available that will ultimately allow for financial freedom from energy bills is very appealing to most people; knowing you are doing something to help the environment is an added bonus. Given all of this, it should be no surprise that the future of solar energy is bright, and will likely continue that way in the coming years.
The Solar Investment Tax Credit
There was a major boom in the demand for solar energy in 2015 as the end of the Solar Investment Tax Credit loomed near. This boom is expected to continue in the coming years, as Congress voted to extend the credit, allowing everyone to reap the full 30% benefit through 2019. At that time, the credit will decrease to 26% through 2020, then 22% through 2021, at which time it will be eliminated for homeowners completely, and lowered to 10% permanently for business owners.
This federal tax credit, in addition to credits and incentives offered in various states, can drop the cost of solar panels to almost half of the original price. Having access to these savings is what drives many homeowners and business owners to go solar now.
The Future Growth of Solar Energy
Over the years, there have been many advancements and improvements in solar energy technology. Given this trend, it is likely that solar technology will only continue to be refined and perfected further in the future.
Solar Industry Outlook
Currently, the US ranks third in the global market for solar energy, coming in close behind China and Japan. Taking several factors into account, it appears as though Japan may have reached their peak market in 2015, and since solar panel installation stateside is only set to accelerate through 2019, the US stands poised and ready to move into that number two position.
Every country that ranks high in solar energy usage is also known to be high in pollution, hinting at an idea of why these countries are choosing to take a proactive step in environmental conservation. This trend seems to be the same within the US, as the states anticipating the largest amount of growth in the coming year (California and New York) house some of the country’s largest cities.
Is Solar Energy Getting Cheaper?
Experts have calculated that the solar resources currently available are greater than the electric power demands anticipated for the future. Some believe the only way to make these resources available to the masses is by offering cheaper options. Perhaps we should really be striving to spread the word about the cost of solar energy—the low monthly bills that accompany the installation of solar panels, how these bills will never increase in price, and that once the panels are paid off, the owner never has to pay for energy again.
Want to Know More?
Want to learn more about the benefits solar energy can offer you? Visit Legend Solar to find answers to common questions about the current state of solar.
Rachelle Wilber, the author of this article, is a freelance writer from San Diego, California
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