SEIA: Huge Growth Expected for U.S. Solar Market This Year
A study conducted by the Solar Energy Industries Association (SEIA) indicates 2016 will be a banner year for U.S. solar installations.
The non-profit based in Washington D.C. predicts an estimated 119 percent increase this year due to tax incentives and price reductions.
First, Congress extended a 30 percent federal Investment Tax Credit for all different types of solar projects through 2019. Plus, the price of panels has dropped by 67 percent since 2010, according to the report.
SEIA’s investigation notes demand will grow in residential and commercial markets, but utility-scale installations will encompass 74 percent of the installations for 2016.
These factors could make solar installations an intriguing option for homeowners and businesses. Whole Foods agreed to a partnership with Solar City in which the alternative energy company will retrofit rooftop solar panels on 100 stores.
Fortune adds that electricity companies have nothing to worry about because solar energy only accounts for 1 percent of the nation’s power output.
By 2020, SEIA predicts solar power will grow to 3.5 percent.