Solar energy set to hit a major milestone in the US

Solar power is growing aggressively in the residential sector

Solar energy has been gaining ground in the United States. The country is quickly approaching a major milestone when it comes to solar power systems installed at homes. More than 1 million homes should have solar panels installed on their rooftops by February 2016, which highlights the aggressive growth that the solar sector has been seeing over the past year. Solar energy will still account for a relatively small portion of the country’s overall energy production, but may become a very influential force in the future.

More homeowners are taking advantage of the inexpensive nature of solar energy

Solar capacity in the U.S. has grown exponentially over the past decade, particularly in the residential sector. In 2006, an estimated 30,000 homes had solar panels installed. During that year, the electricity produced by these energy systems cost approximately $9 per watt. Now, however, this electricity costs only $3.79 per watt. The cost of solar power has fallen significantly due to technological advances as well as the introduction of net metering and incentives provided by both federal and state governments.

Report predicts some 300,000 homeowners will install solar panels by the end of this year

Photovoltaic technology has become more efficient over the past several years. According to a report from EnergySage Solar Research, homes using solar energy systems can satisfy more than 85% of their electricity needs, a major increase over how efficient these energy systems were in the past. The report suggests that some 6 million homeowners are actively shopping for solar energy solutions today, with more than 300,000 of these consumers expected to install solar panels on their properties by the end of this year.

Financing plans allow homeowners to adopt solar energy more easily

The report has found that the average cost of installing a solar energy system today is $29,000. This price does not include tax credits and other government incentives, however, and also does not take into account the financial aid plans coming from solar energy companies. These financing plans can offset the cost of installation by a significant margin, allowing homeowners to adopt this form of renewable power more easily.