According to SEIA.org (Solar Energy Industries Association), there are now more than 2 million solar panel installations across the United States. This represents a significant milestone for an industry that is poised for further growth.
It was just a few years ago that the solar industry in the U.S. began to finally grow at good rates. The SEIA predicts that these impressive growth rates will continue.“This $17 billion industry is on track to double again in five years, and we believe that the 2020s will be the decade that solar becomes the dominant new form of energy generation.” – Abigail Hopper, SEIA’s President and CEO.
While it took the industry 40 years to reach one million installations (and 3 more years for the second), the 3 millionth and 4 millionth is expected to happen in 2021 and 2023, respectively. At this pace, solar power is poised to become the new dominant source of energy in the 2020’s.
The first few years of solar installations in America saw California as being by far the leader in solar. While this is still the case, other states have seen their solar industries experience massive growth. For example, South Carolina, Texas, Florida, Utah, Maryland, and Rhode Island has seen considerable growth in recent years. The total solar market in these states is now 4 times larger (going from 50,000 installations to 200,000) than what it was 3 years ago. The following image shows a growth trend for the states that have been in the top five list over the years.
Based on this incredible expected solar growth, the SEIA expects that a solar installation will take place every single minute by 2024. This is in stark contrast with 2010, in which a new solar installation took place every 10 minutes across the country. The idea that in a little more than a decade, solar installations will occur ten times as quickly is truly remarkable.
At the residential scale, it is expected that 2.5 percent of the homes in America will be solar powered by 2024.
All of this data, from the perspective of homeowners, represents an enormous opportunity to finally save a good deal of money on their electric bills and it allows them to do the right thing environmentally as well. That’s something everyone can feel good about.