According to the Solar Energy Industry Association’s Solar Market Insight Report, solar has been one of the top two renewable energy sources in the US for the sixth year in a row. In 2018, the residential market for solar energy systems grew by 7%, with over 0.3 million new residential solar power systems installed by American homeowners. Predictions for the total capacity of solar system installations depict a doubling over the next 5 years, with annual solar installations reaching up to 15.8 GW in 2021.
This rapid growth in the size of the solar market is not just driven by the recent peak in pollution awareness. Rather, it’s fuelled by the benefits experienced by US residents from using solar power for an assortment of appliances ranging from water heaters to refrigerators. Other incentives include attractive solar power tax rebates and offers provided by the government, easily accessible solar power financing options, and high solar energy savings.
Conventional methods of energy production and distribution are facing burgeoning pressures, as well – courtesy of strict energy regulations, grid transmission upgrade and maintenance requirements, increased carbon taxes, and rising fossil fuel costs.
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