Solar energy use has risen steadily over the past few decades. Former Envirosolar CEO Abe Issa discusses important trends to expect in 2021.
According to SEIA, which publishes data on solar energy growth, solar installations and consumption peaked in 2016. This was due to temporary tax credits on the verge of expiring. However, Congress extended the Solar Investment Tax Credit (ITC) through 2021, causing market experts to speculate another surge in solar consumption in 2021. Abe Issa thinks that the current political environment and public awareness of climate change will help make that prediction a reality.
IBISWorld reports that solar energy use rose to $10 billion in 2019, representing an annual growth rate of 36% for five years in a row. Abe Issa believes that this is the ideal time to invest in solar energy. At the current rate, the U.S. solar market would grow to $23 billion by 2025. Homeowners will continue to take advantage of solar tax credits at least through 2021.
Abe Issa Discusses Recent SEIA Stats
Per the SEIA data from 2019, more than 10,000 U.S. companies had entered the solar industry in some way, typically as installers. California leads the pack when it comes to solar energy, and the state generates 26,000 MW. North Carolina, Texas, Arizona, Florida, New Jersey, Nevada, and Massachusetts also use solar power but not at the rate of California.
Abe Issa Discusses 2021 Solar Industry Trends
More than 90% of Americans support solar power until you ask if they want to pay for it. Then, the number drops to 50%. Therefore, continuing solar tax credits is vital to the future of solar power.
The residential portion of solar energy installations hit a high in 2019. In the third quarter of that year, the capacity reached 73 GW of installed solar energy systems. That’s enough to power nearly 14 million homes. Abe Issa believes that the industry will continue to grow as climate change continues to threaten the delicate ecosystem of the planet.
California now has laws mandating new buildings and homes to install solar panels. This will add to the percentage of homes and businesses implementing this renewable energy source.
Solar battery technology has come a long way. Currently, batteries powering homes provide 10 kWh of energy capacity and last up to 15 years. the smart design allows homeowners to stack them up for greater efficiency.
Declining prices for batteries and panels will attract new buyers who want to save on their monthly utility bills. Abe Issa expects the band to rise across a range of solar products such as smartphone chargers, cookers, and portable generators.