As a homeowner, you can generate your power by installing solar panels. Statistics indicate that solar energy installation costs have been reduced by 40% over the past decade , and solar energy has become more affordable. You can save even more by taking advantage of the state incentives/rebates and federal credits. The White House intends to achieve a power sector free from carbon pollution by 2035. By 2050, it wants to have an economy with net zero emissions. You can do your part towards achieving this goal by considering solar energy. The first step towards embracing solar energy is to gain knowledge on its cost and environmental impact, alongside other facts.

Facts About Solar Energy

Solar energy cannot be depleted as the most abundant energy on the planet. The Department of Energy states that around 173,000 solar energy terawatts repeatedly strike the earth. This is almost 10,000 times the energy requirements for the whole world.

Current Solar Energy Installation in the United States

The total amount of solar energy installed in the United States is 162 gigawatts. Over the past decade, solar energy installation has grown by 24%. This growth is mainly due to federal tax credits, greater demand for clean energy, and decreasing installation costs. As SEIA ( Solar Energy Industries Association) outlines, the current solar energy installed in the United States can power almost 30 million homes.

Value of The Solar Market in The U.S.

According to SEIA, in 2022, the solar energy sector generated $36 billion in U.S. private sector investment. This indicates that solar energy is an economic driver. Increasing investment in solar energy translates to energy reliability, reduction in greenhouse emissions, and enhanced economic growth.

The Solar Energy Industry Has Grown Tremendously Since 2006

Since 2006, the solar energy industry has grown 200 times. This growth is attributed to the federal solar policy, The Solar Investment Tax Credit, enacted in 2006. Under this policy, homeowners enjoy 30% tax credits during solar energy installation. This policy has gone a long way in enhancing clean energy in the U.S. According to SEIA, in addition to growing 200 times, the solar energy sector has created jobs and injected billions of dollars into the U.S. economy.

24% Growth Over The Past Ten Years

SEIA further outlines that the solar market has grown 24% in the past decade. This growth is due to the rising interest in renewable energy and the state and federal incentives that have lowered solar installation costs. This has resulted in 162 GW of solar energy that can power around 30 million homes in the U.S.

Solar Energy Contributes Over 5% Of U.S. Electricity

With the shift towards solar energy, over 5% of the electricity produced in the United States is solar energy. This is a significant increase compared to a decade earlier. According to SEIA, the current 5% contribution to electricity is 11 times the share of solar energy a decade ago. The National Renewable Energy Laboratory further notes that the share of solar energy has increased from 4.8% in 2022 to the current 5%.

By 2030, Solar Energy Hopes To Generate 30% Of Electricity

Political dynamics have brought the issue of solar energy growth to the forefront. The impact of the COVID-19 pandemic and the effects of climate change have also emphasized the need for solar energy. Given the innovation in the private sector and the policy commitment, generating 30% solar energy by 2030 is an attainable goal.

More Than 10,000 Solar Energy Companies In The United States

There are more than 10,000 solar energy companies in the United States, and these companies employ more than 300,000 workers. The growing solar energy industry will create more job opportunities in the coming years. Employees in the solar energy sector work in:

  • Manufacturing

  • Development

  • Sales and distribution

  • Installation

  • Operations

  • Maintenance

Meta Is The Leading Company In Solar Energy Use

Many businesses and brands in the United States are embracing solar energy and making more significant investments in the sector than ever before. Meta, for example, boasts the highest solar energy capacity installation as of June 2022. Other renowned companies that have embraced solar energy include Apple, Amazon, Walmart, and Microsoft. Commercial/corporate purchasers have consumed around 19 gigawatts of solar energy produced in the U.S.

According to the American Clean Power Association, three tech companies, Meta, Amazon, and Google, are the leading purchasers of solar and wind energy.

By the close of 2022, 322 companies had contracted 77.4 gigawatts of solar and wind energy, enough to power more than 18 million homes in the U.S. Solar energy has surpassed wind energy as the preferred renewable energy outlined by ACPA.

Over 500 Solar Power To Be Installed In The Next Ten Years

Over the next ten years, more than 500 GW of solar power will be installed in the United States, four times the solar energy capacity for 2022.

There Are More Than 2500 Solar Energy Plants In The United States

There are more than 2500 solar energy plants across the United States. This is according to the United States Energy Information (EIA) Administration. Solar and wind energy are predicted to lead to the growth of power generation in the U.S. New solar projects keep coming online, and according to EIA, solar energy generation is likely to increase by 75% between 2023 and 2025. This will see a growth from 163 billion kWh in 2023 to 286 billion kWh in 2025. Wind power generation is also expected to record a significant growth of 11%. This will see the production move from 430 billion kWh in 2023 to 476 billion kWh in 2025.

Statistics On Solar Energy Costs

To understand the impact of adopting solar energy, you must first understand its cost implications. These include the costs associated with solar energy manufacturing, installation, and market conditions.

The Cost Of A Kilowatt-hour Of Solar Energy

In addition to the many benefits of solar power as clean energy, solar power is also affordable. Solar energy is cost-effective compared to other energy sources like nuclear, diesel, coal, fossil fuels, and natural gas. Solar energy costs approximately 4 cents per kWh.

The Average Cost Of Installing A Solar Energy System

Installing a solar energy system in the United States ranges between $10,000 and $15,000. Installing solar energy systems in your home is much more affordable than a few years ago. Solar Panels have also become more efficient and less bulky, which has reduced installation costs significantly. Solar panel installation is even more affordable with federal and state incentives and rebates. Installing a residential solar system with an average capacity of 5 kWh costs between $10,000 and $15,000, as outlined by the Center for Sustainable Energy. This cost does not include tax incentives and credits.

Job Statistics In The Solar Energy Sector

According to IREC, the solar energy industry employs 263,000 workers across the United States, District of Columbia, and Puerto Rico. This is a growth of 3.5%, or 8846 jobs, since 2021. The highest percentage of workers in the solar energy industry are Gen Z. More than one-third of the workers are between 18 and 29.

The median pay for solar installers is also attractive. According to Glassdoor, a solar installer makes around $52,922 per year. Some of the best-paying solar companies include SunPower, Pink Energy, and Titan Renewables. As the solar sector grows, so will the jobs. Therefore, people interested in a reliable career can consider the solar sector.

Between 2021 And 2022, Jobs In The Solar Industry Increased By 3.5%

The solar industry has recorded impressive growth yearly, attracting many people to pursue careers in it. Between 2021 and 2022, the industry created an additional 8,846 jobs, translating to a growth of 3.5%. By the end of 2022, there were 263,883 workers in the solar energy sector across the 50 states, Puerto Rico, and the District of Columbia.

Solar Jobs To Increase By 104% By 2032

Given the heightened interest in the solar energy sector, jobs will also increase. The predicted job growth by 2032 is 104%. This growth aligns with the country's goal to have a carbon-free power sector by 2035. According to SEIA, the jobs in the solar sector are likely to double to 538,000 by 2032. In 2022, there were 263,883 workers employed in the solar energy sector. Therefore, an increase in the number of jobs to 538,000 is a growth of around 103.8%.

Solar Power Statistics By State

Every state is unique regarding solar power usage and the role that solar power plays in residents' lives. There are variations in solar power usage and the workers and employers in the solar sector. California is the leader in the sector because it adopted solar energy earlier. In 1976, California passed a law that encouraged investments in the solar sector.

California Has The Highest Employment Level In The Solar Energy Sector In The U.S.

California offers many employment opportunities for solar investors, manufacturers, salespersons, and other solar sector professionals. Of the 50 states in the U.S., California boasts the most significant investments in the solar industry and the most solar jobs. According to data from the Bureau of Labor Statistics and SEIA, California boasts over 75,712 solar jobs. These solar jobs include salespeople, installers, engineers, chemists, and power plant operators.

California Has The Most Solar-powered Homes

California is the leader in the solar energy sector and also has the most homes powered by solar energy. According to Forbes Home's list of the best and worst states for solar, there are 10,510,648 solar-powered homes across California.

California Has 27.3% Of Solar Energy.

Solar panels can still be effective on cloudy days, but sunny states reap the most benefits from solar energy. California enjoys many sunny days, which is the prevalent use of solar energy. The state boasts the most megawatts of solar energy compared to other states across the U.S. Currently, 27.3% of California's energy needs are met with solar.

California Has The Highest Solar Installation Costs

Installing solar systems in California is more expensive than in any other state despite the prevalent use of solar energy. The average cost of solar energy installation in California is $11,278. However, you can save $60,000 to $100,000 upon installing a solar power system over 25 years. A homeowner could save up to 10 times the initial installation cost. Even if the initial installation cost is high, the long-term savings are significant.

Alaska Has The Lowest Solar Installation Costs

Solar installation costs can vary with location and the local incentives and rebates. Alaska has the lowest costs of installing solar energy. Over the last decade, solar installation costs in Alaska have dropped by 42%. The average cost of installing a solar power system in Alaska is around $9,956. Alaska was ranked 50th in solar power capacity by SEIA in 2023.

Trends In The Solar Energy Industry

As the solar energy system continues to grow and evolve, new trends are coming up. Here are some of the trends that every homeowner should know about:

PV And Battery Storage Mandated In California

Effective January 1, 2023, California mandated PV and battery storage in high-rise multi-family buildings and non-residential buildings. This mandate is known as the 2022 Energy Code. Under this code, every single-family building must be electric-ready. The state gives guidance on the installation of battery storage systems. The 2022 Energy Code/mandate applies to clinics, schools, offices, auditoriums, convention centers, restaurants, hotels, etc.

Solar Energy Is Readily Available Than Most People Think

Given that solar energy comes from the sun, it is not only a natural energy source but also all-powerful, abundant, and available. The solar energy that hits the earth every hour is sufficient to meet the world's energy needs for a year. The solar energy that constantly strikes the earth is 173,000, more than 10 times the earth's energy use. Forbes outlines other facts regarding solar energy that might surprise you.

Find Reliable Solar Energy Experts Near Me

Solar energy is natural, clean, abundant, and highly accessible. The sun is a reliable energy source, and harnessing power from the sun is also good for the environment. If you are considering installing a solar energy system in the Bay Area and Northern California, our experts at Sun Solar Electric can help. We only deal with the highest quality solar products to ensure that our clients get good value for their money. Contact us at 707-658-2157 to speak to one of our experts.