In recent years, the solar energy industry has seen unprecedented growth. A large part of this is due to the increasing availability and decreasing cost of solar panels. However, community solar is also becoming a major player in the market. Let’s take a look at what’s driving the rapid growth of the community solar market and why it’s such an important trend.
It all started a few years ago…
Community solar was scarcely a blot on anyone’s radar in America seven years ago. It was a concept based on positive premises—good for the earth, good for communities, and, with renewable energy costs decreasing, excellent for business. However, few projects had been realized. Moreover, many questioned the industry’s capacity to take off. To date, the community solar market has more than 2 gigatonnes (GW) of operational projects spread across 34 states. this reprecented a compound annual growth rate of nearly 100 percent since 2010.
In just the last year, community solar has more than doubled in size. However, there are now more than 1,200 community solar projects across the United States, totaling over $8 billion in investment. This amounts to enough energy to power more than 2 million homes and offset 4 million metric tons of carbon dioxide emissions each year. What caused this community solar boom? A few key policy changes at the state level unleashed significant amounts of private investment. This in turn drove rapid market expansion. However, it sounds like community solar is here to stay—and that’s good news for everyone.
The community solar market is growing rapidly!
According to a report from the National Renewable Energy Laboratory (NREL), they expect the community solar market to grow rapidly in the coming years. As of 2016, there were 1,100 community solar projects totaling 2.5 GW of installed capacity in the United States. This is enough to power more than 400,000 homes. The community solar market is expected to grow to 6.3 GW by 2021, with a total of 3,000 projects in operation. This growth is being driven by a variety of factors. Some of these factors are falling solar PV prices, increasing consumer demand for renewable energy, and state and local policies that support community solar development. With community solar, everyone can take part in the transition to clean energy and enjoy the economic and environmental benefits of solar power.
More and more states are participating in community solar initiatives.
Community solar initiatives are growing in popularity as more states realize the benefits of this type of program. These programs allow individuals to purchase or lease a portion of a larger solar array, typically located in a nearby community. The benefits of these programs include reduced energy costs, increased energy independence, and a smaller carbon footprint. In addition, community solar programs help to promote renewable energy adoption and provide educational opportunities for the public. More states begin to participate in community solar initiatives. Therefore, it is likely that the market for shared solar will continue to grow.
What does the future of community solar energy look like?
The future of community solar looks bright. In recent years, community solar has grown in popularity as more people are interested in generating their own clean energy. There are many reasons for this trend. However, one of the most important is that community solar allows people to save money on their energy bills.
In addition, community solar projects help to create jobs and boost the economy. And finally, community solar helps to protect the environment by reducing emissions from power plants. As many people become aware of these benefits, it is likely that the popularity of community solar will continue to grow.