Fortune Magazine Documents Solar Growth
Fortune Magazine documents solar growth in a recent article in describing the rapid expansion of alternative energy use in the U.S. In their June 15, 2017 article entitled “Wind and Solar Hit a New Record in the U.S. and There’s No Slowing Them Down,” the author cites the exponential growth and the steadily declining costs of solar energy installations in the U.S. and abroad.
- In the U.S., wind and solar power generated more than 10% of electricity for the first time in March, according to Energy Information Administration (EIA) data. Meanwhile, new projections from Bloomberg New Energy Finance (BNEF) show that globally, those two energy sources will make up 34% of global electricity generation by 2040.
- The rapid growth — both in the past decade and the coming decades — is the result of a swift drop in the cost of producing electricity from wind and solar power plants. The renewable sources are now cheaper than coal-fired power plants in many places in the U.S., and competitive with natural gas.
- BNEF reports that electricity from photovoltaic panels costs almost a quarter of what it did in 2009 and is likely to fall another 66 percent by 2040. The research group also maintains that solar already rivals the cost of new coal power plants in Germany and the U.S. and by 2021 will do so in quick-growing markets such as China and India.
The implications of these trends are clear. Despite government’s recent assertions to the contrary, our coal-power capacity will continue to decrease as older plants come offline and energy production is dominated by cheaper and less-polluting natural resources such as gas and renewables. Market trends will continue to make alternative energy sources cheaper as distribution grids and technology adapt to home and business solar installations. Cheaper, cleaner, more accessible power is a win-win for consumers and for the environment.
So, let us help you join the “Green Revolution!” If you are considering ways to reduce your energy bills, we can help. If you are looking to explore the possibilities of solar with your home or business, learn more by contacting one of our solar experts at Venture Home Solar. We can provide you with our experienced analysis of what you need as a home or business owner to “go solar.” Call us today at 800-203-4158 and let’s get started!