US solar power broke all its records last yearMarch 24, 2020
California saw substantial growth in 2019 and Colorado and Pennsylvania’s markets are primed.
US solar power took off at such a rate last year that it broke all its own major records. It comprised almost 40 percent of all new generating capacity.
Total installed photovoltaic (PV) power is predicted to more than double by 2025.
This information was released by a recently released Solar Energy Industries Association and Wood Mackenzie annual report. That global energy research and consulting firm expects US solar power to double its PV power installations within the next five years.
Last year, growth in the United States rose by 23 percent over 2018. It was led by California, where solar requirements on newly built homes have driven the demand for PV due to wildfire concerns. This was followed by the growth of installations in the Northeast of the country, as well as in Florida and in Texas.
Conversions to solar in the electricity sector were the foundation for growth across the country. The change was, in part, driven by companies seeking to qualify for a solar power systems federal investment tax credit before it begins tapering off. For customer-owned systems, that credit will come to an end in 2022.
US solar power has managed to maintain its utility sector growth despite the rise in tariffs.
Imported PV panels are subject to increasingly expensive tariffs. That said, the sector has managed to continue its strong growth in the utility sector regardless of those added expenses. Between now and 2025, the growth rate is predicted to “nearly double the amount installed over the last ten years,” said the annual report.
The report also showed that CO2 emission reduction targets in 28 states have helped solar to continue with growth. Moreover, 23 states signed the US Climate Alliance pledge for shrinking economy-wide emissions by 28 percent in five years.
It predicted that US solar power markets in Colorado and Pennsylvania were ready to launch. Moreover, it underscored that upcoming New York, Maine and Maryland policy changes would give the renewable energy a shot in the arm in those states as well.