Industry Data, Trends, and Stats From 2019 and Beyond
You probably won’t be surprised to hear that solar energy has experienced drastic growth in recent years. In fact, most of us see it used in our communities every day – from street signs illuminated by solar energy to fields of solar panels used for residential and commercial properties.
Many of us consider the measured growth of a new or innovative technology when we’re trying to determine whether it’s here to stay. So, if you’re considering switching to solar, you probably want some reassurance that the technology won’t become obsolete any time soon. Luckily, we have access to lots of data about solar energy in Minnesota and around the country. Here are some trends and statistics about solar energy that can help you make an informed decision about making the switch to solar in your home or business.
Solar Energy – Becoming A Mainstream Energy Option
In the last decade, solar has experienced an average annual growth rate of 50%. This is due, in part, to its increasing availability and efficiency. Another major factor that has helped the solar industry grow is the local and national governments’ support; most Americans who install solar panels for the first time see this support in the form of the Federal Solar Investment Tax Credit.
The Federal Solar Investment Tax Credit is a one-time tax credit that aims to offset the installation costs of solar energy systems. Homeowners and businesses see some of these costs – around 30% of the total expenses – returned to them when they receive their tax return the first year after their system is installed. Being such a persuasive incentive, the Tax Credit has persuaded many Americans to switch to solar in 2019 (which is coincidentally the final year you will receive the full 30% rebate).
One of the few threats to American solar manufacturing companies is the infiltration of global companies into the marketplace. Asian manufactures have flooded the market with low-cost solar modules and cells which may or may not perform at the same level as American-made solar components. Minnesota solar companies find themselves having to compete with international companies for local business. So, it’s important to note that you can support local businesses by working with Minnesota solar companies on your solar project.
Using Solar Energy to Power Commercial Properties
Commercial solar power systems in Minnesota contribute a great deal to the state’s energy-saving and environmental initiatives. As previously mentioned, growth in commercial solar in 2019 is partially due to financial incentives offered by the government and local energy companies. Commercial solar energy users see a quick ROI on their solar systems and are also capable of creating lasting change by utilizing an eco-friendlier energy option. Consumers like to associate more with environmentally conscious companies, so the commercial use of solar panels in Minnesota is expected to continue to increase in the coming years.
Residential Solar Panels in 2019
Residential solar panels in Minnesota are becoming more popular in 2019, and the trend is expected to increase. Some of the main motivations for homeowners switching to a home solar power system in Minnesota include decreased energy bills, less reliance on grid power, and the numerous environmental benefits of solar. Favorable government incentives coupled with local initiatives have bolstered this natural attraction to solar energy in homeowners.
The Bottom Line: Is Solar Here to Stay?
Solar competes with both coal and natural gas when it comes to providing Minnesotans with energy for their homes. The solar energy market is expected to see continued growth in 2019 and beyond thanks to tax credits, the movement to slow climate change, and the need to create new jobs. Another renewable energy source, wind power, has also blown up over the past several years and will eventually outpace coal. We see that as great news – any renewable energy helps us all, whether it’s solar or wind power!
With all the information we have on solar energy and its popularity, I think it’s safe to say: solar energy is here to stay! If you’d like to get in on the next big energy innovation, contact a Minnesota solar company to get started! Cedar Creek Energy can help you assess your current energy needs, and we will design a system that meets or exceeds those needs. You can reach us at (763) 432-5261.