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3 Predictions For Solar Energy in 2017


| 1/18/2017 10:16:00 AM



 

Photo by Elijah Hail

Non-hydropower renewables are estimated to grow to 9% of generation by 2018, according to the Department of Energy. So how big of a part will solar energy play in that total? The solar industry is coming off a record-breaking year, with an estimated 13.9 gigawatts (GW) of installed capacity in 2016, by both big business and private citizens.

Corporations installed nearly 1,100 MW of capacity at 2,000 different facilities across the country as of October 2016, and more than 1 million homeowners in the U.S. have chosen to install solar panels on their personal properties. Experts agree that solar power is finding its place in the U.S. energy marketplace, but what’s in store for this hot commodity in 2017? Here are some predictions for this year and what it means for solar power.

Cost of Solar Panels Will Continue to Drop

Solar panel technology has never been more affordable than it was last year, and it’s likely to continue to decline in price. The cost of manufacturing solar panels, and thus the cost to consumers, dropped by roughly 30 percent in 2016 and is even expected to become the cheapest form of new electricity for 2017. This will make solar energy a much more compelling and viable investment for all types of households. As the market become more competitive, homeowners can benefit even more by taking advantage of the best deals. By comparing several systems and installers at once with services like 123SolarPower, the homeowner gets the most suitable offer possible.



The decline in cost also applies to the corporate solar market. “Unsubsidized solar is beginning to out-compete coal and natural gas on a larger scale, and notably, new solar projects in emerging markets are costing less to build than wind projects,” according to data from Bloomberg New Energy Finance. In the last decade solar installations have grown by 60 percent per year while the cost has fallen by more than 70 percent, says SEIA.



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