The renewable energy industry has faced its fair share of difficulties and obstacles over the years. In its infancy, the cost of entry was so phenomenally high that solar panel systems and wind turbine generators were extremely rare and owned by only the extremely wealthy. Later, as technology got cheaper, the industry then faced the uphill battle of showing how much it could actually save people despite a large upfront investment. Today, tariffs on foreign-produced solar panels and government officials who are dead-set on reviving the aging coal industry continue to harm our industry’s growth.
However, despite all of these barriers that have stood in the renewable energy industry’s way over the last several decades, the technology has continued to progress, and today the industry continues to be one of the fastest-growing and hottest markets in the country. Yuri Horwitz, CEO from Sol Systems, writes in Greentech Media that he believes that even despite everything standing in the way, solar energy is set to become the dominant source of energy generation in the country by the year 2022.
Here are a few of the reasons he lists for why solar will still win out over fossil-fuel industries which have continued to shrink and decline even with the help of friendly legislation.
Despite the fact that politicians seem to be making headlines with their support for America’s coal miners and natural gas workers, both of these industries are continuing to decline when it comes to energy production. Coal is continuing to close as demand continues to fall due to more and more people getting their energy from renewable sources including solar.
Surveys around the country list environmental health and climate change as an important issue for the majority of Americans, and many people support the growth and expansion of the solar industry as a solution that can help reduce carbon emissions and lead to a greener future.
Competition is the fuel that has created the wildfire-esque growth of solar energy, and that competition has led to falling prices, surging sales, and an industry that’s perhaps never been hotter. However, this wouldn’t be the case were solar not equally competitive price-wise as the energy produced by these fossil fuel plants. Coal has been well-surpassed by solar, but natural gas prices are continuing to fall and remain affordable. However, decreased gas discoveries and fewer harvested wells has put solar in a position where it’s now cheaper than the upkeep on a natural gas power plant!
Investors have been clamoring to get into the solar energy industry for a wide variety of reasons, chiefly sustainable and predictable growth that’s showing little sign of stopping. With solar continuing to grow and expand, investors see these companies as a great addition when looking to diversify their portfolio, and the immense amount of investment capital available has made financing on new solar arrays cheaper and more affordable than ever before, meaning more and more people are encouraged to make the switch to solar at a cost that’s right for them.
Declining Costs & Improving Efficiency
The solar industry itself is perhaps its own greatest ally when it comes to continual growth and expansion. Solar costs are continually coming down, and today a new solar array that can power the average American home is far cheaper than it was as little as five or ten years ago. Additionally, the panels are smaller and more efficient, which means consumers are getting a better value for their investment than ever before. Raw material costs are decreasing and manufacturers are increasing the numbers of panels they’re producing to keep up with demand, further driving down costs and making the prospect of switching even more appealing to more and more people.
If you’re interested in making the switch to solar energy, find out more about how much you could be saving over your current energy costs by calling SunPower by Sea Bright Solar at (909) 480-3783 and speaking with one of our Southern California solar experts!