The Solar Industry: Key Facts and Trends to Know

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The solar industry has experienced significant growth over the past decade, and it shows no signs of slowing down. Solar energy has become a more attractive and accessible option for consumers and businesses alike, with improvements in technology and cost-effectiveness. In this blog, we’ll take a closer look at some of the key facts and trends that are driving the solar industry forward.

Increasing Solar Energy Generation
One of the most significant trends in the solar industry is the increase in solar energy generation. According to the International Energy Agency (IEA), the global solar energy generation has doubled over the past five years. This growth is due in part to declining costs for photovoltaic (PV) panels and the expansion of large-scale solar farms.

Solar Power Becoming More Affordable
The cost of solar power has fallen dramatically in recent years, making it a more affordable option for many consumers. In 2010, the average cost per kilowatt hour was $0.29. By 2019, the cost had fallen to just $0.10. This reduction in cost has made it easier for homeowners and businesses to switch to solar power, and it’s one of the primary drivers of the solar industry’s growth.

Growing Demand for Solar Energy
With solar power becoming more accessible, the demand for solar energy is increasing. A recent report from the National Renewable Energy Laboratory (NREL) found that the number of solar panels installed in the United States increased by more than 11 million in 2019. This trend is expected to continue, as more and more consumers become aware of the benefits of solar energy and make the switch to this renewable energy source.

Solar Energy Jobs are Booming
The solar industry is creating jobs at an impressive rate. According to the Solar Foundation, there were 242,000 solar energy jobs in the United States in 2019. This represents a 41% increase from 2018 and a 170% increase from 2010. The solar industry is one of the fastest-growing industries in the country, and it’s creating well-paying jobs for people in a variety of industries, from installation and maintenance to engineering and sales.

Solar Energy is Good for the Environment
Solar energy is one of the cleanest and most sustainable sources of energy available. It produces no greenhouse gas emissions, and it reduces our dependence on fossil fuels, which are finite resources. By switching to solar energy, we can help reduce our carbon footprint and improve the health of our planet.

In conclusion, the solar industry is a rapidly growing sector with a bright future ahead. With declining costs, increasing demand, and a growing workforce, it’s clear that solar energy is the way of the future. Whether you’re a homeowner looking to switch to a cleaner and more sustainable source of energy or a business looking to reduce your carbon footprint, solar energy is an excellent choice.

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