An Insight into the 2022 U.S. Solar Market And The Overview Of Trends
Excited about solar technology? Here are the trends that will dominate U.S. solar market in 2022:
The Demand For Solar Panels Continues Will Continue To Grow
In 2020, the global solar market price was estimated at 170.55 billion dollars. By 2025, it is expected to be worth $223.3 billion, which indicates a truly massive growth scale.
This growth does not come as a surprise: solar helps save on utility bills on an enormous scale. Federal tax credits on solar also help to popularize solar energy among individual users and businesses alike. Of course, the role of solar energy in decreasing the negative impact of climate change is exceptional, which also helps the increasing market share of solar energy. The solar energy market share is growing on such a scale that there are labor shortages for employees in the solar market all across the country.
New State Laws Regarding Solar Panels Motivate People To Buy Them
While there are dozens of global reasons that motivate people to go solar, individual U.S. states help to push the solar agenda even further. In 2018, the state of California issued the law according to which all buildings up to three stories high have to include a solar panel starting from 2020. This legislation is still a significant stimulus for the solar industry in California in 2022.
Legislative incentives for the solar industry are unlikely to stop in California: in 2022, many other states, including the ones significant for the solar industry, such as Texas or California, may develop legislation that would motivate individuals and businesses to install solar panels. This is pure business: more and more states would love to have their share in the booming new market.
Large Utility and Non-Utility Businesses Adopt Solar
Adopting solar means reputational gains for small and large businesses alike. Non-utility businesses in the United States are now looking for opportunities to use available federal tax credits for their growth. Moreover, large businesses create new federal investment models that are adopted by smaller companies in an attempt to emulate their success. These energy models are now more and more inclusive of alternative energy and solar in particular. Companies like Amazon and Apple lead the way in adapting commercial solar energy.
Now, traditional utility companies know just well enough that solar is already at their doorstep. They diversify their energy channels to include solar energy and other kinds of renewables. This has already been done in Europe, and the United States are more than ready to follow the trend. In 2021, about half of the new electric capacity added to the grid was from solar. This is not going away in 2022. Solar is now competitive as ever, and businesses everywhere are well aware of this fact.
Diverse Solar Products Are On A Rise
Solar energy is not just about solar panels. Expect more and more products using solar technology to hit the market in 2022 because people want to save energy costs even in the most unconventional ways.
What are some of the solar products with an exciting future? Think LED streetlights and other types of light powered by solar energy, generators, phone chargers, reflecting clothing and accessories, and many more. Solar-powered EV chargers are also the next big thing that will improve the stance of alternative energy in general.
Solar Technologies Are Becoming More Sophisticated
The crazy demand surely drives excellent technology advancements. There is a drive to make solar energy more efficient, and, year after year, companies succeed at it. Solar panels are also becoming lighter and more aesthetically pleasing. There are many promising technological concepts currently in development, including liquid solar panels that are promised to be cheaper and safer than the panels currently present on the market.
Improved cable solutions are also around the corner. Right now, you can find the latest advancements in solar wire and cable at Nassau National Cable, including copper and aluminum photovoltaic cables, at some of the best prices in the industry.
