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BNEF Prediction Shows Bounce Back for Residential Solar in 2020

This year has wreaked havoc to most industries across the globe. With lockdowns and a complete upheaval of our everyday lives, early projections were pessimistic and bleak for what seemed to be a doomed year. Despite these gloomy projections, residential solar found a way to rebound from a slow start and is now trending to outperform last year by almost 10%.

Rollercoaster Projections for Solar in 2020

Bloomberg New Energy Finance, or BNEF, has announced a surprising prediction for the end of 2020. According to the analysts at BNEF’s market intelligence firm, residential solar installations project to increase by 3 gigawatts this year, which is an almost 10% increase from 2019. Residential solar installations increase despite the Covid-19 pandemic that wreaks havoc on industries across the world. The BNEC previously forecasted that the solar industry would suffer during this pandemic, and they were wrong.

Early Pessimistic Outlook On Solar

Bloomberg New Energy Finance, or BNEF, has announced a surprising prediction for the end of 2020. According to the analysts at BNEF’s market intelligence firm, residential solar installations project to increase by 3 gigawatts this year, which is an almost 10% increase from 2019. Residential solar installations increase despite the Covid-19 pandemic that wreaks havoc on industries across the world. The BNEC previously forecasted that the solar industry would suffer during this pandemic, and they were wrong.

Early Pessimistic Outlook On Solar

Earlier this year, the BNEF predicted that the industry would see a considerable decline from the lockdowns. In March 2020, they forecasted that worldwide solar energy production would lower to between 108 GW and 143 GW. They then predicted that solar would decline again as the markets took a further pessimistic turn in May. BNEF lowered that prediction to 98GW. BNEF believed the worst for solar, and they thought solar capacity would shrink worldwide. With the loss of sales, companies would suffer, and solar production and installations would underperform.

Residential Solar Makes A Comeback

Currently, the United States has reached approximately 85GW of total storage capacity. The United States could easily add another 3GW by the end of this year with residential, rooftop-photovoltaic panels. Homeowners have stepped up and taken charge by pushing the trend toward solar. Some of the factors that led to the rise in solar installations were decreased solar costs and increased value when switching to solar.

How Solar Did Solar Rebound in 2020

What caused the rise of solar? According to Brian Eckhouse of BNEF, this 3GW increase is due to “a shift to digital sales amid lockdowns that has proved fruitful, deepening the pool of potential customers.” He continued, “now, many homeowners forced to work at home are contemplating upgrades to their residences, some spurred by weather-related power outages.” Tara Narayanan, a BNEF analyst, confirmed that “the push for renewables is really strong.”

How You Can Join The Solar Movement

Solar conversation is becoming more prominent than ever before. As we move toward more sustainable and environmentally improved forms of energy, now is the time to act. As equipment becomes more affordable and easier to access, the number of homeowners going solar continues to grow. You can learn more about solar’s advantages and how it can help your home by visiting our website HERE. Region solar provides all the resources and education you need for you to make going solar a breeze.

Sources:

https://www.bloomberg.com/news/articles/2020-10-05/americans-poised-to-set-new-rooftop-solar-record-despite-virus

http://taiyangnews.info/business/bloombergnef-revises-2020-solar-forecast-again/

https://www.seia.org/us-solar-market-insight#:~:text=The%20U.S.%20installed%203.5%20gigawatts,power%2016.1%20million%20American%20homes.

http://taiyangnews.info/business/covid-19-bnef-cuts-down-2020-global-solar-demand-forecast/

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