The number of rooftop solar installations is hitting record highs.
Key details
The number of residential solar panel installations has increased. A Bloomberg analysis suggests that Florida, Texas, California, and the Midwest are leading areas where households are embracing solar energy. The study estimates households will add three times the number of panels than commercial customers will this year.
“Higher electricity prices and tax credit extensions in the Inflation Reduction Act are fueling the rebound in residential solar adoption. Consumers are taking ownership of their own power supplies in pursuit of cleaner energy and to reduce their reliance on grids that are becoming more vulnerable to blackouts caused by extreme weather, wildfires, and drought,” says Bloomberg.
“Despite supply chain challenges and higher costs, 2022 will be an absolute record year for residential solar in the U.S.”
Why it’s news
The report is yet another sign that the economy is shifting towards and committing to the Green Energy Revolution. The increase in home panels will drastically increase energy generation which will help to decrease overall energy needs. It will also lower individual energy bills and save households money by lowering energy bills.
This will help as the U.S. energy market shifts away from fossil fuels toward nuclear energy and renewable energy over the next 28 years.
Surprising statistics
Bloomberg’s analysis suggests that residential solar generation has already greatly eclipsed commercial generation, with 5.6K megawatts being generated ahead of 1.9K MW.
Backing up a bit
As we previously reported, President Joe Biden signed the Inflation Reduction Act on August 16, which includes a major expansion of federal loan programs that could help the fight against climate change by channeling more money to clean energy. It sanctioned $369 billion to invest in “energy security and climate change”.
Numerous corporations have begun making commitments to align themselves with the president’s goal of net-zero carbon emissions by 2050.
Dodge unveiled its first electric muscle concept and plans to remove two of its most powerful gas-powered models from production by the end of 2023. Panasonic has ramped up production on domestically produced batteries for Teslas and is supposedly in talks to open a third new facility in the United States.
