Obama outlines plan to foster further growth in the solar energy space
President Obama has outlined a new plan that aims to expand the adoption of solar energy across the country. Solar energy has already been growing popular in the United States, but adoption remains relatively low among homeowners due to high costs. According to Rhone Resch, CEO of the Solar Energy Industries Association, the cost of solar power has been going down over the past six years. This may enable more consumers to make use of this form of renewable energy in order to save money on power and become more environmentally friendly.
Solar power may be more attractive than natural gas
The Solar Energy Industries Association notes that solar power is significantly less expensive than natural gas, and the price is expected to continue falling over the next 20 years. While natural gas is also inexpensive, its low price may not be around forever, and there is guarantee that significant increases in cost will not be seen over the coming decades. The falling cost of solar energy is making it more attractive to homeowners, many of whom are looking to distance themselves from traditional utilities and conventional forms of energy.
Cost of solar energy continues to drop rapidly
In the United States, the residential solar energy market grew by 76% during the first quarter of this year. This represents some 437 megawatts of new photovoltaic systems being installed throughout the country. The average cost of photovoltaic systems has fallen by 50% since 2010, and prices are continuing to fall. The growing solar energy sector has lead President Obama grow more ambitious with his Clean Power Plan, which establishes targets and guidelines that will help states achieve their emissions reduction target.
Clean Power Plan will help states embrace solar power
The Clean Power Plan aims to introduce new regulations that will foster significant growth in the solar energy sector. These new regulations would focus on bringing new solar energy systems online and generating power before 2020. The plan will affect every state in different ways, providing support for the solar energy sectors in these states in ways that will benefit them most.