The uptake of solar technology has been growing by 55% for the last three decades and now accounts for almost 2% of the total U.S. electricity generation. It is the second most used source of clean energy surpassed only by wind power.
The total capacity of solar energy in the United States can power more than 13 million households.
But what is behind the phenomenal growth? This article looks at why more homeowners have been choosing solar from their local off grid energy storage company.
Rising Cost of Fossil Fuels
Fossil fuels are subject to erratically fluctuating market prices. They are often affected by the prevailing political situations, especially in regions that produce oil. For businesses, it means they have to contend with the changes and make adjustments where necessary.
Additionally, the sources of fossil fuels are being depleted. All the easy to access deposits of oil, natural gas, and coal, have virtually been exhausted. In effect, mines have to be deeper and more complex than they were three decades ago.
In the meantime, the cost of a solar system per kilowatt hour continues to drop rapidly. Homeowners can hire an off grid energy storage company to install panels for heating, air conditioning, and other energy-intensive tasks. Solar also presents an opportunity for the United States to become less dependent on fossil fuels.
Market and Government Incentives
The fluctuating prices and unpredictable international politics are not the only reasons why governments are trying to replace fossil fuels. The rising concern for pollution and global warming has forced policymakers to come up with new strategies.
Today, both businesses and homeowners can access tax credits if they’ve had a solar installation on their premises. The Investment Tax Credit is offered by the federal government and has been in effect since 2006. The growth of solar consumption has shot to 10,000% since it went into effect more than a decade ago.
Additionally, other local authorities have incentives for owners and who install off grid energy storage systems. Consumers are also on the lookout for companies that implement positive and ethical approaches in their business.
One main challenge that solar installation companies face is how to store energy. The conventional storage is usually in the form of lead-acid batteries like the ones you find in your automobile. Unfortunately, the lead-based battery has limitations in terms of capacity and durability.
Manufacturers have been trying to find an energy storage solution that can address the challenges of the conventional battery. A growing interest in flying cars has promoted engineers to consider lithium-ion batteries, which have a higher power-to-weight ratio.
The cost of lithium-based batteries has gone down by approximately 80% since 2012. The drop has been driven by the rising demand for more efficient systems. A manager of a wind or solar power plant can now turn to an off grid energy storage company for more efficient batteries.
Solar has proven to be one of the best sources for renewable energy. The growth is driven by demand for fossil fuel alternatives, government incentives, and the need for reliable sources of power. All indicators point to a promising future for solar systems in residential and commercial establishments.