In a recent survey conducted by BDO, a leading accounting, consulting, and advisory firm, 38% of CFO’s selected Solar Power to be the most dominant form of alternative energy by 2023.
This comes as no surprise since solar jobs have increased by nearly 160% since 2010. Solar remains one of the fastest growing industries in our country as more investments pour into the alternative energy sector. The latest data from the Solar Energy Industry Association (SEIA) reports 3.6 Gigawatts of Solar were added in the first Quarter of 2020.
Currently, the U.S. is on pace to produce more electricity from renewables than from Coal in 2020. This is a first time occurrence and a big achievement to say the least.
There is both good and bad news for the solar industry as a whole, good news being more incentives are potentially on the way from the federal government. Re-establishing the 30% tax credit and introducing an additional credit for storage solutions would be huge for homeowners looking to take advantage of solar while the opportunity exist. (There is a cap on the amount of homeowners approved to go solar by the power companies)
Bad news for the solar industry (not necessarily solar customers) is the amount of people who are being let go from their jobs due to the coronavirus pandemic. This of course means the growth for the industry has been impacted this year and adjusted down although the industry is projected to continue to grow and outpace other markets. Obviously, work stoppages, permitting delays, and drop in consumer demand all played a key roll in installation volumes.
With oil and gas companies finding it more difficult to turn a profit in todays new energy market, bankruptcy will be the inevitable result for some as the demand for socially conscious green alternatives increases.
Now is definitely the time to explore the advantages of solar power for your home or business. Check out the full story found over at Solar Magazine.
If you would like a risk free no-cost estimate for your home or business, all you have to do is send over a recent power bill to Service@sunlightsolarvirginia.com or give us a call 804-452-7699