Hello there solar enthusiasts,
In our endeavor to enlighten you about the latest in the vibrant world of solar, I’ve got some noteworthy industry updates to share. My aim is always to better equip you when it comes to making your thoughtful decisions on solar companies, and even selecting solar panels for your home.
Disappointing news comes first from California where the state’s governor has hit a roadblock in the journey towards a greener future. Governor Newsom has unfortunately discouraged schools, farms, and multi-family homes from switching to a solar array for home use. By rejecting Senate Bill 1374, schools and farms are now restricted from utilizing their own solar energy production, a move that sadly benefits the desires of major utility companies.
In brighter news, and there’s more of it than you might think, a recent report from the marketplace operator EnergySage indicates that residential solar projects are becoming even more cost-effective. System costs are on a decline, improving the payback periods exponentially. On average, American residential solar projects now break even at the 7.5-year mark. That’s a promising return on investment for solar companies and homeowners considering solar panels for their homes.
Even more exciting is the fact that once electricity prices reach $0.25/kWh, going off-grid with residential solar-plus-storage becomes a smart investment. This is especially true in areas graced with abundant sunlight. Thanks to the recent decline in battery prices, the financial argument for going off-grid has grown even stronger.
On the manufacturing front, Hitachi Energy is expanding its high-voltage switchgear and breakers factory in Pennsylvania and a distribution, power, and traction transformer factory in Virginia. The company has also announced plans to build a distribution transformer factory in Mexico, further emphasizing the growing scalability of solar companies.
Undoubtedly, the highlight of this post comes from a report by Wood Mackenzie. The United States is continuing to break records with energy storage installations across all market segments. In the second quarter alone, the U.S. installed an impressive 3 GW/10.5 GWh of energy storage.
In conclusion, wherever you are in your journey— whether you’re looking to collaborate with solar companies, or are simply considering solar panels for your home— it’s clear that the solar industry is a vibrant, ever-evolving landscape worth exploring.
Stay tuned for more updates and insights in my next post. Let’s bask in the power of the sun together!
Original Articlehttps://pv-magazine-usa.com/2024/10/04/in-case-you-missed-it-five-big-solar-stories-in-the-news-this-week-17/
