In this post we wanted to provide a snapshot of the solar energy landscape today, where it’s headed and why transitioning to solar is a smart investment this year.
1. Energy prices are rapidly rising, despite overall inflation rates stabilizing
While inflation costs are beginning to stabilize and we’re seeing pre-pandemic prices in many areas like gas, food and retail, one industry is continuing to rise: electricity. Electricity prices have risen 34% over the last 10 years alone.
2. Solar panel demand is rising nationwide
One positive is the growth in demand will create more jobs in the solar industry. However, in a few years there could be a personnel lag while the industry catches up with the increased demand. As solar starts to enter the mainstream, getting ahead of the demand curve is a good reason to go solar soon.
3. Residential solar currently dominates the industry, but in a few years, a utility solar boom will take up more resources
Right now residential solar projects are 31% of the solar PV demand, but by 2027 residential is estimated to fall to 16% of the market with utility solar growing rapidly, at 180%. As the industry evolves and demand continues to rise, resources will start to prioritize more large-scale projects. This means in the future, there could be longer wait times and less panels going toward smaller, residential projects. Times are a changing, and the solar landscape will change, too. Home owners should consider this for their timeline to go solar.
“Solar panels decrease your carbon footprint and are a smart investment for generations to come”