Back in March, we reported on the results of a year-in-review survey conducted by GTM Research and the Solar Energy Industries Association (SEIA) that detailed trends in photovoltaic (PV) and concentrating solar power (CSP) markets. The data revealed that 2012 was a record-breaking year for the industry. Solar panel installations increased 76 percent throughout the United States compared to the previous year, jumping from 1,887 to 3,313 megawatts.

It’s understandable that such a huge surge in solar has prompted some people to wonder why it has expanded so greatly, and an April 23 article featured on Big Data Download, Yahoo!’s finance blog, attempts to answer that question by focusing on some of the financial statistics outlined in the SEIA’s report.

According to the SEIA, the price of electricity in the United States went up 35 percent from 2001 through 2012. At this same time, the cost of PV installations fell nearly 70 percent. With this in mind, Big Data Download says the number of new solar energy solutions implemented over the next few years may even exceed analysts’ original expectations.

“Solar has gone through a tremendous transformation in the past few years,” Arno Harris, chairman of the SEIA, told the source. He noted that there are still, however, challenges to overcome – particularly as the price of other types of alternative power fall, as well.

If you live in the Bay Area and you’re interested in learning more about residential solar energy solutions, you may want to consider contacting West Coast Solar to see which options are available for you. Not only can this kind of energy-efficient upgrade help you reduce your carbon footprint, but it will also save you money each month on your utility bills.