Increasing environmental awareness and demand from consumers for renewable energy sources, as well as their decreasing prices, have helped propel the solar industry to new heights in recent years. In the United States, California holds the largest market share of the solar panel market. However, there is a continuous expansion in markets like Florida, Texas, Utah, and Minnesota. Generally, falling prices are attracting new entrants in the solar industry. And according to data provided by Solar Energy Industries Association (SEIA), the U.S. installed 2.6 gigawatts (GW) of solar PV capacity in Q3 2019 to reach 71.3 GW of total installed capacity, enough to power 13.5 million American homes.
Residential solar also saw its best quarter in history in Q3 and the utility-scale solar pipeline now stands at a record 45.5 GW in Q2. In addition, government reforms are expected to help the U.S. solar panel industry; For instance, in 2018, the government imposed a 30% tax on solar panels and cells imported into the U.S. This policy is expected to encourage local manufacturing as well as regional solar panel sales. Overall, the U.S. solar panel market size was estimated at USD 12.67 Billion in 2017 and is expected to grow further and reach USD 22.90 Billion by 2025. Singlepoint, Inc. (OTC: SING), Sunworks, Inc. (NASDAQ: SUNW), SolarWindow Technologies, Inc. (OTC: WNDW), Panasonic Corporation (OTC: PCRFY), Sky Solar Holdings, Ltd. (NASDAQ: SKYS)
The last decade was riddled with obstacles for renewable energy in the U.S. and for the solar panel industry in particular. The panels were too expensive, looked bulky and customers were uncertain if investing in solar panels will be worthwhile from a financial standpoint. Over the years, however, these opinions have shifted thanks to various technological advancements that led to better designs and efficacy. Now, the upcoming, new decade is expected to be different. "This positive report makes clear that American families are demanding energy choice and solar, and that our industry is ready to deliver," said Abigail Ross Hopper, president, and CEO of SEIA. "This is the kind of growth and investment we could see going forward if we make smart policy moves, like extending the solar Investment Tax Credit and stopping additional tariffs. Failure to make these policy moves will limit deployment potential and cost jobs." By 2030, SEIA projects that the industry will double the U.S. solar workforce, add USD 345 Billion in private investment, and offset electricity sector emissions by 35%.
Singlepoint, Inc. (OTCQB: SING) announced breaking news today that, "subsidiary, Direct Solar America continues to drive new business as 2020 sales and marketing initiatives start to take shape. Last week Direct Solar America saw an increase in a business having one of its biggest weeks to date in new contract development. The increase is mainly Attributed to new marketing and sales development including new canvassing teams starting, customer service improvements, as well as partnership channels, increasing engagement.
'We are strongly committed to continuing the development and improvement of Direct Solar America. The company's model continues to impress us by the ability to scale with few constraints into new markets. As we continue to see states rolling out incentives, we are able to act quickly and asses the market viability in order to quickly decide whether to roll out teams in that area. Solar continues to be a driving factor and hot topic in the media which I believe has resulted in the company expanding as rapidly as the company has', states Greg Lambrecht CEO.
The Solar Energy Industries Association (SEIA) has declared the 2020s the Solar+ Decade. President and CEO Abigail Ross Hopper states, 'The 2010s were filled with more highs than lows, and the solar industry is in a strong position to become the leading source of new energy generation this decade. Working in collaboration with other clean energy technologies, including storage, solar will lead a clean energy economic boom while also reducing greenhouse gas emissions.'
According to the U.S. Solar Market Insight Report by the Solar Energy Industries Association (SEIA), in Q1 2019, the U.S. solar market surpassed 2 million installations – just three years after the market surpassed the 1 million installation milestone. The industry is expected to hit 3 million installations in 2021 and 4 million installations in 2023. This is a result of increased demand by consumers due to reduced installation costs as well as increasing environmental awareness which is driving the adoption of cost-efficient alternative and renewable forms of energy over conventional energy sources.
Date: Feb 5, 2020