For the first time ever, the world will add more solar energy than wind power capacity, according to Bloomberg New Energy Finance (BNEF). A slow down in the wind industry, coupled with enormous growth in photovoltaic (PV) installations, has led to greater increases in solar generating capacity.
One of the reasons for the small decline in the wind industry has to due with the delayed passage of a production tax credit, which subsequently led to a decline in investment. At the same time, solar power continues to see both homeowners and businesses taking advantage of generous incentive programs such as the Federal Renewable Energy Tax Credit and net energy metering programs.
“The dramatic cost reductions in PV, combined with new incentive regimes in Japan and China, are making possible further, strong growth in volumes,” Jenny Chase, BNEF’s head of solar analysis, said in a press release.
One of the keys to continued growth in the industry going forward is the extension of net metering, which has come under attack from utilities in recent months. These programs are instrumental to providing value for solar customers, and they’re of vital importance if the country is to continue moving toward renewable energy and away from fossil fuels and pollution. Hopefully, utility regulators and policy makers will continue to make incentives available for rate payers who want to bring clean energy technology to their communities.
For more information on the benefits of solar for homeowners and benefits, contact West Coast Solar today to schedule a consultation and discuss your options. We proudly serve the East Bay and can provide your family or company with a well-designed and constructed solar energy solution that will save you thousands of dollars.