U.S. solar power industry to witness record-breaking growth owing to large-scale installation of solar panels
U.S. solar power industry is anticipated to add about 14 gigawatts of new power capacity in 2016, which is more than double as compared to the total power capacity of the industry for 2015.
The solar power sector in U.S. deployed 2,052 megawatts of photovoltaic in the second quarter of 2016 bringing total power capacity of the country to about 32 gigawatts. This much of power generation made possible due to the installation of solar panels in the country has the ability to supply electricity to greater than 6.3 million U.S. homes. Generation of power through photovoltaic or solar panels will also help in reduction of greenhouse emissions by about 39 million metric tons in a year.
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A new solar panel was installed per 84 seconds in first six months of 2016 and it totaled about 1004 installations per day. This installation rate is projected to take the current total of 1.2 million solar panel installations to about 2.2 million solar panel installations by end of 2018.
The industry is predicted to grow rapidly owing to following features:
Solar Power has helped more than 301,000 consumers save about $173,000,000 electricity bills
Solar Energy costs dropped across all industry sectors, with dropping costs ranging 2.5-7.5 percent
Cost of solar energy in 2016 is 18.1 percent lower as compared to 2015 and 63.1% lower as compared to the energy costs five years ago
Power production through solar panels was about 26 percent of the country's total power production in first half of 2016
As per the Global Market Insights report,U.S. Solar Panel Markett is projected to experience substantial expansion from 2016 to 2023.
By end of 2021, the U.S. solar power sector is anticipated to expand and this will generate more job opportunities and investments in the country. All these factors are predicted to boost the demand for solar panels and will boost the U.S. solar power industry growth.
Global Market Insights report states that global solar energy market size is projected to surpass $141 billion by end of 2023.