In 2021, solar installation demand is anticipated to expand beyond hyper-specific market segments. Non-utility companies and developers will seek advantageous tax credits before the opportunity expires in 2022.
FREMONT, CA : The solar energy industry continues to proliferate in the United States and worldwide, as it has done since the mid-2000s. Despite its upward trend, solar only accounted for 1.5 percent of US energy sources by the end of 2019. The industry's forecasts for the next decade were extremely optimistic. From now until 2030, solar energy is expected to gain a substantial market share.
Below are some industry trends to watch in 2021.
Businesses Will Continue to Take Advantage of Their Solar Tax Credits
Only half of the 90 percent of Americans who want solar energy is willing to pay for it. As a result, the solar industry is heavily reliant on the federal solar tax credits, which are set to expire in 2021.As solar demand grows and companies see the energy-saving value, the government's extension of this credit is expected to pay off.
The Appeal of Solar Installations Will Grow
Energy investment models have been developed and are still being developed by Fortune 500 firms, offering attractive investor-bait.
Conventional Energy Companies Will Diversify with Solar
Traditional energy firms will, indeed, continue to concentrate on their core competencies. They can, however, do so while relying on renewable energy sources such as solar. The foundation laid by European developers has bolstered the visible solar presence in the United States.
The Soon-to-Expire Solar Tax Credits Will Be Noticed by Homeowners
The solar tax credits may be extended beyond 2021 by Congress. Regardless of their decision, expect homeowners to take advantage of this offer in the coming year while it is still available. Residential solar sales hit a new high in Q3 of 2020. For some context, there was enough installed capacity (71.3 GW) to power 13.5 million homes.
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