The U.S. Solar Market Insight is a quarterly report done by the Solar Energy Industries Association (SEIA, and the research firm, Wood Mackenzie. The report’s goal is to analyze the trends within the market and make projections accordingly. The latest report found that the solar industry “set a record last year and is on track to quadruple.” The latest report results are not surprising, considering all of the growth the solar industry has had this past year. In our blog, we had previously covered how solar energy remained successful once sales moved online. Before Covid-19, door-to-door was the primary method for selling residential solar installations. We witnessed a combination of increasing online sales and growing demand for cost-efficient, sustainable, renewable energy. The market demand for solar energy has helped spur growth for the solar industry.
What Is The U.S Solar Market Insight?
The U.S. Solar Market Insight is a significant report for the solar industry. The report is significant because of the amount of data the report analyzes. The data comes from over 200 companies. The U.S. Solar Market Insight is:
“a quarterly publication of the Solar Energy Industries Association (SEIA)® and Wood Mackenzie Power & Renewables. Each quarter, we collect granular data on the U.S. solar market from nearly 200 installers, manufacturers, utilities, and state agencies. This data provides the backbone of the report, in which we identify and analyze trends in U.S. solar demand, manufacturing, and pricing by state and market segment. We also use this analysis to look forward and forecast demand over the next five years. As the U.S. solar market continues to grow, Solar Market Insight provides an invaluable decision making tool for installers, suppliers, investors, policymakers and advocates alike.”
After analyzing the data, the experts draft a report that includes their key findings. Within this report, there is a projection based on current trends. The U.S. Solar Market Insight is an essential tool for investors, prospective clients, and industry workers. The report’s data shows the solar industry is moving in a positive direction.
The U.S. Solar Market Insight concluded that “the U.S. installed 19.2 gigawatts (GWdc) of solar PV capacity in 2020 to reach 97.7 GWdc of total installed capacity, enough to power 17.7 million American homes.” The report continued that this growth “accounted for 43% of all new electricity-generating capacity added in the U.S. in 2020, representing solar’s largest-ever share of new generating capacity, ranking first among all technologies for the second year in a row.” Solar beat out its renewable competitors and is gaining on the fossil fuel industry. Renewable energy has a higher consumption rate than coal, and natural gas is still leading, but the trends show how much momentum renewable energy has gained. Also, the U.S. Solar Market Insight included other vital findings such as:
- “In Q4 2020, the U.S. solar market also set a record for quarterly installations with just over 8 GWdc of solar PV, up 32% year-over-year.
- Residential deployment was up 11% from 2019, reaching a record 3.1 GW. This was lower than the 18% annual growth in 2019, as the pandemic significantly impacted residential installations in the first half of 2020.
- Non-residential installations declined 4% from 2019, with 2 GW installed.
- A historic 6.3 GWdc of utility-scale projects were installed in Q4 2020, bringing the annual total just shy of 14 GWdc.”
U.S. Solar Market Insight projected a continuation of growth and success. The report shared that it will be “under a business-as-usual scenario, the U.S. solar industry will install more than 324 GW of capacity over the next ten years, quadrupling the current amount of solar capacity installed.” The dip witnessed in the second quarter of 2020 acted as a catapult for the remaining two quarters. You can check out the U.S Solar Market Insight here.
As expected, the solar industry is booming. Solar energy offers a more affordable alternative to the other renewable energies, and solar is a more sustainable, greener energy than fossil fuels. The solar industry will continue to grow as long as people are committed to an energy alternative that is both cost-effective and sustainable. If you would like to learn more about solar, click here to check out our blog. If you want to take the next step in doing your part, check out the local solar installation companies. If you’re interested in a free quote from Region Solar, click here.