There is now enough installed solar energy capacity in the U.S. to power 13.5 million homes, and this amount is expected to double in the next five years. The solar energy industry is a piece of a unique market. Numerous elements — including governance arrangements, petroleum product costs, solar energy innovation progresses, item costs, and even public awareness of the climate crisis — sway solar energy organization over the globe.
What’s coming up for the following year? How about we investigate a few patterns in solar energy to more readily comprehend what is on tap for 2020.
Solar energy is an intermittent energy source. This implies solar panels produce power when the sun is shining and not when it isn’t. Energy stockpiling enables the solar framework to supply power when the sun has set or in an overcast climate, extending the capacities of solar energy systems.
There are two fundamental sorts of solar batteries: lead-acid batteries (like you have in your car) and lithium-ion batteries. The last is undeniably further developed, longer-enduring, and requires less support. Not surprising, lithium-ion batteries have a higher upfront cost, but the price has been decreasing significantly in recent years. The cost of lithium-ion battery storage fell 35 percent from the principal half of 2018 to now (December 2019) and 76 percent since 2012. This descending price trend is uplifting news for inexhaustible solar energy in 2020 — and it’s probably going to continue.
Natural gas plants are regularly used to meet pinnacle energy loads since they can more effectively be turned on and off than coal or atomic force plants. Lower costs make it simpler for intermittent renewable energy sources — such as wind and solar — to be cost-competitive with dispatchable fossil-fired power plants.
Price decreases in utility-scale battery banks presently make solar in addition to energy stockpiling aggressive in numerous territories on price alone. Battery banks can make it pointless to start up power plants during times of peak demand, reducing fossil fuel utilization. The greater the capabilities of solar, the less appealing and financially viable these peaker power plants become.
On the residential side, more property owners are depending on solar systems with battery stockpiling for crisis power during lattice blackouts than at any other time. This is a particularly alluring alternative in areas prone to extended power outages due to cataclysmic events or with inadequate utility infrastructure, like Puerto Rico.
A tax credit is a dollar-for-dollar decline in taxes owed to the government. A tax credit is more significant to the taxpayer than a write-off. The solar Investment Tax Credit (ITC) is a significant motivation by the federal government that lessens the total cost of going solar.
Currently, the credit is set at 30 percent, but starting in 2020, the solar ITC will be worth 26 percent of the total solar system cost including installation. In 2020, a $10,000 solar system will qualify for a $2,600 tax credit. In 2021, the same system will qualify for a $2,200 tax credit. The solar ITC will continue to decrease indefinitely to 10% for commercial and utility solar projects, and zero for residential.
Solar systems with energy storage are surging in popularity for a few reasons. The expense of solar batteries is diminishing, meanwhile, the prevalence of grid outages has climbed. There was a 30 percent increase in grid blackouts between 2009 and 2019, with a total of 37 million people affected in 2019. Power outages can cause property harm, including frozen pipes and flooded cellars.
Hundreds of thousands of customers lost force in Wisconsin and Dallas County in 2019 because of severe thunderstorms, bringing about millions of dollars of damage.
Now that you know about the Top 3 Trends in Solar Energy For 2020, if you want to start your journey of experiencing great Solar Energy Savings or if you have any questions about installing your solar panels,
contact SKR Solar or if you want to get a free quote. We are here to help, every step of the way.