Solar Installation Booms In 2016

2016 proved to be a banner year for solar power in the U.S. with solar power doubling during the year. Part of that was the fact that the cost of solar panels dropped by almost 40% compared to recent years, which made it more affordable, and as the price of panels and other technology dropped, it made it cheaper for not only consumers, but also for providers to build and install more solar across the nation. Another driving factor is the public demand for cleaner energy, a demand that power companies are trying to cater too as they move away from fossil fuels, especially coal which several companies have said they have permanently moved away from. While natural gas power plants are also on the rise, the move towards solar and other renewable energy sources is likely to continue though we may see some slowdown in investing in solar as prices for the technology decline.
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Even if investors are leery due to some uncertainties, the drop in cost will make solar more accessible to the consumer market and with Tesla being such a major player, who is not solely dependent on just their solar panel division, the market will press forward. One of the biggest uncertainties for investors is the tax strategy of the new administration in Washington. With many feeling that government support of renewable energy is likely to decline, some investors are afraid they won’t see the same returns on solar investment as they had in the past, combine that with lower prices, which means a smaller profit margin, this aspect of the industry is taking more of a wait and see approach. No matter the current climate from an investor standpoint, the technology is here to stay, and it will continue to be an integral part of off grid living.