The Solar Revolution in the US
Alternative Energy
Solar output rises with the sun every day. Homeowners across the country are noticing the financial and environmental advantages of switching to green energy. The U.S. is increasingly using renewable electricity resources, including solar, each year. Homeowners like you who decide to switch to clean energy make a significant impact in neutralizing natural gasses in the country.
With a record-breaking amount of installs in 2022 and the government expanding tax incentives like the Inflation Reduction Act (IRA), the U.S. is producing more energy than ever before.
Ready to do your part in saving the environment? Check out our solar plans or call us at 1-888-MOMENTUM today!
Solar is Booming in the US
According to the Energy Information Agency, or EIA, the U.S. is forecasted to have one-fourth of its energy produced by renewable resources such as solar or wind within a two-year span. This renewable power generation reduces the electricity supply from coal and natural gas [1]. These factors make the U.S. more independent and help foster a sustainable environment.
The Federal Energy Regulatory Commission (FERC) takes it a step further, saying that in the next three years, solar energy will make up nearly two-thirds of U.S. energy additions. According to the FERC, U.S. solar capacity will nearly double from December 2022 to November 2025, and between now and then, natural gas addition will almost be completely counterbalanced [2].
In Q3 of 2022, the U.S. solar industry had more than 5GWh of energy storage. This has been the highest Q3 figure on record and is half of the entire capability of storage installed in 2021 [3]. You might be thinking that these numbers are from large corporations implementing solar energy, but residential homes have a major impact on the solar industry. With record numbers in categories such as solar panels shipped, quarterly installs and energy output, residential solar is putting in good work in the U.S [7].
Residential Solar’s Impact
With more than 23,000 installs in Q3 of 2022 alone, residential solar is breaking records of its own producing 375MWh of solar energy. This is equal to the CO2 emission produced by 648 homes’ electricity use for one year [6]. The previous record was made in Q2 of 2022 [3].
To join in on the clean energy revolution, click the “Free Quote” button on the top of the page or call us at 1-888-MOMENTUM!
The state leaders in residential solar were California and Texas, both of which Momentum Solar and its sister companies have offices in Texas has been the most fast-paced solar growth area in the U.S., and you can read about its incredible adoption of solar power in our recent blog Looking Toward the Future of Solar.
Don’t worry if you’re not from a traditionally “sunny” state! The savings don’t discriminate based on location – in fact, solar panels can even generate energy on cloudy and overcast days. You can read more about how solar can save you thousands in our blog from last week, Your Guide to Solar in the Northeast.
To see how Momentum Solar can help you, check out our service areas or contact us today by clicking the “Free Quote” button at the top of the page.
Why Residential Solar is Booming
Rooftop solar panels in residential neighborhoods have been growing rapidly over the past 10 years. On average, solar has had an annual growth rate of 33% [4], which is more than other booming industries such as the international airlines, electric vehicle manufacturing or commercial banking industries [8]. According to data from 2021, there is enough solar energy stored to power 23 million homes [5].
There are many factors that are causing the residential solar boom. With carbon offsetting and sustainability efforts being some of the government’s goals, the government has set up incentives for homeowners at the federal and state levels.
One of the biggest factors is the Inflation Reduction Act (IRA) which, under the Biden administration, expanded tax credits regarding solar. The ITC federal tax credit offers savings for solar-paneled homeowners and it recently increased from 26% to 30% [5].
Additionally, cost plays a major role in the increase of residential solar. Solar panel installation costs dropped by 60% over 10 years making solar more accessible to homeowners across America.
Residential solar energy is becoming increasingly more common, and Momentum Solar is here to help you get started. To see pricing in your area or to speak to a local sales representative call 1-888-MOMENTUM today.
Citations:
[1] https://www.eia.gov/todayinenergy/detail.php?id=55239
[2] https://www.pv-tech.org/solar-to-dominate-us-capacity-additions-73gw-expected-through-2025/
[4] https://www.seia.org/solar-industry-research-data
[6] https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator#results
[7] https://www.eia.gov/todayinenergy/detail.php?id=53679
[8] https://www.ibisworld.com/united-states/industry-trends/fastest-growing-industries/
