In 2020, the solar power sector in the United States saw substantial growth, defying the challenges posed by the pandemic.
With the increasing urgency of addressing climate change, there has been a growing demand for investments in renewable energy sources. Solar power stands out as a significant player in the realm of renewable energy. Surprisingly, despite the adversities of 2020, the solar industry in the US experienced a remarkably successful year.
According to a recent report by the Solar Energy Industries Association and Wood Mackenize, there was a 43% surge in solar installations in 2020, reaching a new high of 19.2 gigawatts of electricity generation. A substantial portion of this growth occurred in the last quarter of the year, marking the most significant increase since 2015. The total solar capacity in the US now stands at approximately 97.2 gigawatts, capable of powering around 17.7 million households.
The onset of the pandemic in the second quarter of the year initially slowed down progress. However, with people spending more time at home, the interest in home improvement projects rose, leading to a notable uptick in solar panel installations in the latter half of the year. States like California, Florida, Texas, Virginia, and North Carolina witnessed significant advances in solar infrastructure.
Today, solar power is producing the cheapest electricity in history @elonmusk https://t.co/yOwxv460sn pic.twitter.com/INSAmZ942J
— Vala Afshar (@ValaAfshar) March 14, 2021
Residential solar sales continued to surpass expectations, driven by attractive loan options from providers, a rise in home improvement projects, and the need for energy resilience during power outages triggered by severe weather events, as mentioned in the report.
Analysis from SEIA and Wood Mackenzie suggests that the US is poised to quadruple its solar power infrastructure by 2030. This expansion is anticipated to encompass both private and utility sectors, fueled by the increasing emphasis on reducing carbon footprints.
Wood Mackenzie’s Davis stated, “Compelling economics for distributed and utility-scale solar, coupled with decarbonization commitments from various stakeholders, will lead to a significant installation rate exceeding 50 gigawatts by the end of the decade.”
