The solar “boom” is just beginning, according to a clean energy analyst at Bloomberg.
Rob Barnett told Yahoo Finance that solar capacity installations are on track to grow by 30% globally this year, and should see double-digit growth from 2023 through 2025.
Barnett said the world is on track to install around 250 gigawatts of solar capacity this year — a “staggering” amount.
China is the global leader in solar capacity, but according to Bloomberg, Germany also broke a solar generation record in July.
U.S. renewable energy generation also reached an all-time high of 28% in April.
Experts say the urgency for renewable energy sources is growing as climate change continues to cause extreme weather across the globe.
The lower costs of solar have contributed to its growth, data shows, especially as higher oil and natural gas prices have revealed solar’s true cost-effectiveness.
According to EnergySage, most solar shoppers can save between $10,000 and $30,000 on electricity over the lifetime of a solar panel system.
How much a consumer will save depends on unique factors such as the direct hours of daily sunlight, the size and angle of the roof, and, most importantly, the local electricity rates, experts say.
The more a consumer pays for electricity, the more cost savings they can enjoy by producing their own solar energy, according to EnergySage.
And for those who are unable to afford solar — or unable to install it on their homes for whatever reason — there’s community solar, experts say.
Community solar can help lessen the burden of energy costs for low or moderate income families, experts say.
Renewable energy advocates are eagerly promoting solar as inflation continues to rage across the globe. They tout solar energy as a major source of savings during a time when many are struggling to pay their monthly bills.
Renewable energy experts are regularly pleading to lawmakers to make these energy sources more affordable and accessible to the average consumer.
In the meantime, experts say it’s up to solar companies and manufacturers to help consumers access solar and other renewable energy sources.
Some companies are rising to the occasion: Consumers can find solar panels on Amazon these days.
According to SFGATE, consumers can purchase a 200W solar panel for around $200. Earlier in August, there was a promo for the panels — a savings of $90.
At the time this article was published, the panels only had two reviews, but both were five stars for the price and output.
Image by NxTide.