Over the last decade, solar power has become increasingly popular and has grown significantly. With advancements in technology and a greater focus on renewable energy sources, solar power has become more accessible and affordable. In this blog, we will discuss the growth of solar power over the last 10 years.
Increase in Solar Installations
The number of solar installations has grown exponentially over the last decade. According to the Solar Energy Industries Association, the U.S. solar market grew by 43% in 2020 alone, with a record-breaking 19.2 GW of solar capacity installed. This represents a massive increase from just 0.7 GW in 2010. The growth of solar installations has been driven by falling costs of solar technology, government incentives, and a greater public awareness of the benefits of renewable energy.
2. Falling Costs of Solar Technology
The cost of solar technology has fallen dramatically over the last decade. According to the National Renewable Energy Laboratory, the cost of solar photovoltaic (PV) modules has decreased by over 90% since 2010. This cost reduction has made solar power more accessible and affordable to homeowners, businesses, and governments. The lower cost of solar technology has also made it a more competitive alternative to traditional energy sources such as coal and natural gas.
3. Government Incentives
Government incentives have played a significant role in the growth of solar power over the last 10 years. Many states and countries have implemented policies and incentives to encourage the adoption of solar power. These incentives include tax credits, rebates, and net metering policies that allow homeowners to earn credits for excess energy they produce. In the U.S., the federal solar tax credit has been a significant driver of solar installations, offering a 26% tax credit for solar installations through 2022.
4.Public Awareness
Over the last decade, there has been a greater public awareness of the benefits of renewable energy sources, including solar power. As people become more aware of the environmental and economic benefits of solar power, they are more likely to choose solar installations over traditional energy sources. Additionally, companies and organizations are adopting solar power as part of their sustainability efforts, further driving the growth of solar installations.
In conclusion, the growth of solar power over the last decade has been remarkable. Falling costs of solar technology, government incentives, and a greater public awareness of the benefits of renewable energy have all contributed to the significant increase in solar installations. With the continued growth of solar power, we can expect to see a more sustainable and cleaner energy future.
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