If you’re considering solar panels for your home, it’s an exciting time to be part of the solar industry. As the popularity of solar energy continues to grow, more and more solar companies are making significant strides in sustainable energy development. In this post, I’ll detail some current events and advancements happening around us, plus some considerations for those of you looking to renovate or build with sustainability in mind. Let’s dive in.
The primary factor driving the surge of solar industry growth today is the steep drop in solar generation costs. Recently, solar has become 56% cheaper than the least expensive fossil fuel alternative. To put it in perspective, back in 2010, solar was deemed four times as costlier than the cheapest fossil fuel available. Today, the narrative has changed dramatically, with the cost of generating electricity from solar being less than half as the cheapest fossil alternative.
Moving on to another exciting news, First Solar, one of the many solar companies making waves in the industry, has recently opened a $1.1 billion solar factory in Alabama. This new facility, which specializes in thin-film technology, has added an impressive 3.5 GW of capacity.
However, the increase in solar electricity generation isn’t all sunshine and rainbows. While solar generation in the US surged by 26% in 2024, contributing an additional 36 TWh, demand for electricity is growing at a faster pace. This highlights the need for solar companies to ramp up their production and for homeowners to consider installing a solar array for home use.
On the sustainable living front, an interesting progression has been noted. The process of building a decidedly sustainable home—a dream for many of us—has seen significant advancements while waiting for building permits. This poses interesting considerations for those looking to incorporate solar panels into their homes.
In the wake of recent bankruptcies among major residential solar companies, the industry is doing some soul-searching about what strategies work and what approaches fail. This close scrutiny will no doubt drive innovation, making it a fascinating time to be in the industry or to become a customer.
In Michigan, there has been a notable shift to incorporate solar energy into land use management. Shuttered coal plants are being repurposed to provide solar energy and create recreational spaces while protecting local wildlife. This kind of innovative synergy between solar companies and local groups is adding a novel dimension to the industry.
As we become more conscious of our ecological footprint, the industry’s innovation and growth aren’t showing any signs of slowing. So, whether you’re interested in installing a solar array for your home or just fascinated by solar developments, it’s an industry to watch!
Original Articlehttps://pv-magazine-usa.com/2024/09/27/sunrise-brief-solar-generation-up-26-but-electricity-demand-outpaces-growth/
