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Solar Panel Report And Forecast
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October 28, 2020

Solar Panel Report And Forecast

With the rapid increase in solar panel installation across the country and the encouraging price reduction, the market is experiencing some marked changes, which started some years back and is expected to extend for a longer period. One notable report is the clamoring of homeowners and businesses for solar panels paired with battery storage. This means that individuals and companies no longer want to rely on solar panel energy alone or draw their power from the grid. Most individuals wish to monitor the kind of energy drawn into their home, hence the need for the solar panels paired with batteries.

At the moment, only about 5% behind-the-meter solar systems are being paired with storage; however, this is estimated to increase by five times or more by 2025. This is because the grid storage system provides different energy sources for its users and most people no longer want this option.

Residential Market Report

The residential solar market has experienced massive growth over the past decade. However, the pandemic caused a serious reduction in the pace of growth, especially experienced in the second quarter of 2020. Despite the economic shutdown that was experienced during the pandemic, the pace of the market is still better-than-expected in most of the states. This is because the results are still bigger than what was anticipated by several forecasters.

Community Solar & Non-Residential Market Report

The community solar has brought a balance to the non-residential solar market over the years. This is because of the rapid increase in the community solar panel installation, coupled with top companies’ interest in the solar industry. For instance, Walmart, Apple, Amazon, and Target are increasing the number of rooftop installations in their countries. Although the pandemic caused the non-residential segment a setback of about 23%, the segment is still expected to bounce back from this within a short time due to top companies’ interest in the solar industry.

Utility-Scale Solar Pipeline Report

The decline in the tariff rates and the increasing clean energy goals have helped to clear the uncertainty surrounding utility-scale procurement by large companies and utilities. The pandemic has also caused a minor effect on the utility-scale project as the sector only experienced a little delay during this period. At the end of the second quarter of 2020, the contracted pipeline produced 62 GW records.

However, the concern for most of the projects is their completion. Although it is estimated that most of these projects will be completed by 2024, the early-stage projects might not be able to move at the expected pace. This is because of the financing problem that might come with the project due to the tighter market system.

Conclusion

In 2019, the utility-scale project development experienced a remarkable bounce back from the 2018 market decline due to the module tariff impact. The year saw the successful installation of more than 13 GW. However, the pandemic in 2020 has led to several uncertainties in the sector due to the economic shutdown, but it is expected that within 2-3 years after the pandemic, the solar energy industry will regain its place and keep on setting newer records.

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