Solar Energy Is on the Rise!
The solar energy industry in the United States is exploding! According to the Solar Energy Industry Association (SEIA), the number of solar installations grew by 34% in 2014. Residential installations accounted for a large part of that growth, increasing by 51% from 2013 to 2014. 2015 is growing at even higher rates. SEIA’s research shows that in the first quarter of 2015, the amount of installed solar power in the U.S. grew by 76% as compared to the first quarter in 2014, and the second quarter of 2015 set a new record for residential rooftop solar installations in particular, a category that saw 70 percent year-over-year growth.
What Is Driving All the Demand for Solar?
Prices for solar energy systems have fallen over 80% in the last five years alone! When combined with attractive federal and local incentives, the financial benefits of going solar a quite staggering! In many parts of the country, homeowners are enjoying a five to seven year payback on a solar energy system investment – driven by the electricity cost savings and other incentives for solar energy production. To put that into finance terms, that represents a 14% to 20% annual return on your money! Hard to beat! (See how much solar can save you!)
For those who would rather not shell out the cash for a solar system, a bunch of attractive financing solutions have emerged that allow homeowners to go solar with no money down and still enjoy significant financial savings! These financing arrangements – ranging from zero down loans to leases or power purchase agreements (PPAs) – make solar much more affordable and have helped over 70% of the nearly 650,000 solar customers to go solar on a budget. (Learn more about solar financing options)
Solar Helps the Economy Too!
The increase in demand for solar has also had a very positive impact on our economy by creating jobs! In many cases, these are high paying jobs, including sales, marketing, engineering and management positions. In its most recent survey from 2014, The Solar Foundation (TSF) estimated that the US solar industry employed nearly 175,000 people, over double what it was in 2010! According to Fortune Magazine, the solar industry now employs more people than coal mining! You can help contribute to the solar wave and protect our planet by going solar today!