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The Solar Industry Continues To Grow

Feb 19th 21

The Solar Industry Continues to Grow

Introduction to the Solar Industry

The solar industry continues to be one of the fastest growing industries in the US. It already employs almost 250,000 people while also generating billions of dollars for our economy, and these numbers are only continuing to grow as more and more find out solar panel benefits. According to a report by the Solar Energies Industries Association (SEIA) and Wood Mackenzie, “US solar installations are expected to increase by 43 percent” in 2020 despite having one of the worst quarters in industry history, due in large part to the global pandemic.

Solar Industry Growth

By the end of Q3 in 2019, the US had over 2 million solar photovoltaic (PV) systems installed. A recent Forbes article shows “the US had deployed over 2 million solar PV systems, totaling about 71,300 MW of solar capacity, and generating over 100 TWh of electricity (2019 total, est.).” According to the Solar Energies Industries Association (SEIA), the total number of installed solar PV capacity is expected to more than double over the next five years.

Despite Q2 of 2020 being one of the largest quarterly declines in solar industry history (as you can see in the chart below) residential installs were up by 14% from Q2-Q3 of 2020. Non-residential installations were also up by 8%, despite the many pandemic related restrictions that slowed down many solar projects. The U.S. Bureau of Labor Statistics believes that solar PV installer will be the fastest growing jobs through the year 2028.

Residential Quarterly Installation Volumes

Solar Growth by States

The state that is leading the way in solar PV capacity is California with over 26,000 MW installed, which is almost five times more than the state in second place (North Carolina). In the U.S., there are five states (California, Texas, Florida, Nevada, and North Carolina) that will make up almost half of all the solar PV capacity in the U.S. with California and North Carolina making up almost 1/3 of the capacity.

California is a global leader when it comes to solar power and California has a goal to be powered by 100% renewable energy by the year 2045. They have also recently enacted the solar mandate. This mandate makes any new construction in California require solar PV be installed, which should account for almost 80,000 new systems being installed annually. Despite seeing residential installs fall in Q2, we have seen many states rebound quickly in Q3.

Solar PV Deployment Forecast

Joining the Solar Industry

The solar industry is continuing to grow and is projected to be one of the top industries in America with more people seeing the advantages of solar energy. With so many different opportunities available, it may be time for you to start looking into joining an industry on the rise! Visit our careers page online and find out what career opportunity may be available for you.

Be sure to contact us about any interest you, or someone you may know, may have in upgrading to solar power for your home. We have energy advisors standing by to answer any questions you may have about the process. Join thousands of others by taking control of your energy today! Contact us here or call us at 1-888-244-2513 to find out how much you could save by upgrading today.

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