You may have seen solar panels on your neighbor's roof or when driving by a large field. If you haven't, with solar accounting for more new capacity than any other U.S. generation source in Q1 2019, you likely will soon. What is behind this massive solar rush? The full answer to that question encompasses a wide variety of factors, but for us at Sun2o, it really comes down to the environment and the economics.
It is well known that the widespread consumption of fossil fuels is greatly impacting our global climate. In 2016, 195 countries signed the Paris Climate Agreement with the goal of holding the increase in the global average temperature below 2° C above pre-industrial levels. Solar energy is an excellent means of achieving the goal, as it shifts electricity production from fossil fuel power plants to a fully renewable and carbon free energy source.
For a long time, the biggest factor restraining the growth of the solar industry was the high cost of solar photovoltaic panels. This is no longer the case as solar panel prices have dropped over 80% since 2008 and show no signs of stopping. Rapid price declines, in conjunction with the state and federal solar incentives, have made solar energy the least cost new generation resource in many parts of the country.