Solar Industry Growth

October 2, 2018

In recent blogs, we have discussed the dropping prices of solar energy systems, the upswing in all renewable energy sources, and the positive impact solar energy recently has made in areas touched by natural disasters. All of these promising reports have an impact on the solar industry. The impact is a steady and persistent growth. Let’s take a closer look at what is causing this growth and where the trajectories take us.

Let’s start with what we know.

  • The U.S. solar industry generated $154 billion in economic activity in 2016, including direct sales, wages, salaries, benefits, taxes and fees. Its revenues have grown from $42 million in 2007 to $210 million in 2017. (PBS Newshour Jan 2018)
  • The industry directly or indirectly employs about 370,000 people. (For a side-by-side comparison, the coal industry only supports about 160,000 jobs.
  • PV solar installer is the fastest growing job in the nation.
  • While California is responsible for nearly half of solar production, even that is quickly diversifying. By 2022, 18 states are expected to add more than 1 GW and account for more than 80% of solar installation.
  • Larger countries like China, the U.S., and India dominate the solar market, but more and more countries are coming on board. The number of countries installing 1 gigawatt or more annually will grow from 9 to 14 over the course of the next two years. (Source: GTM Research Global Downstream Solar Service.)

These are impressive numbers, showing the growth and strength of the solar industry. But what factors are causing this growth and what can we extrapolate from this? News is traveling quickly about the savings possibilities. Schools, businesses, residential customers, and government buildings have begun to switch to solar to start saving.  In addition, prices are dropping, allowing solar energy to become affordable to more and more homeowners. According to reports in the Guardian, solar power will dominate renewable energy growth in the next five years.

If you are considering “going solar”, contact SunPower by BlueSel at 781-281-8130 or visit our website today.