The United States solar energy market is expected to grow at a Compound Annual Growth Rate (CAGR) of more than 15 percent during the forecast period of 2020-2025. Factors such as supportive government policies to meet more energy demand through renewable energy is likely to drive the United States solar energy market. To learn more, read, “U.S. Solar Energy Market: Growth, Trends & Forecasts 2020-2025”.
- The solar photovoltaic (PV) due to a significant decline in the cost of installation, held a considerable market share in 2018 and is expected to dominate the market during the forecast period.
- States such as California, New Jersey, and others have set solar energy targets for 2030, which are expected to create several opportunities for the United States solar energy market in the future.
- Upcoming and ongoing projects focused on increasing the share of solar in renewable energy are likely to drive the United States solar energy market to an even more aggressive level during the forecast period.
Path to 100% Perspective:
In 2019, the United States added 9114 megawatts (MW) of solar installation in the country. Every state in the country contributes to solar energy generation and many counties are announcing plans to utilize 100% renewable energy resources. Upcoming solar projects include the Peak Durrance Solar Center in Florida which is expected to be finished in 2022 and the Tayandenega Solar Project in New York expected to start by the end of 2020.
Photo: American Public Power Association on Unsplash