Solar batteries, like lithium-ion batteries, are more advanced, lasts longer, and requires less maintenance compared to lead-acid batteries.
FREMONT, CA: The need for introducing solar energy across the nation is propelled by factors such as government policies, fossil fuel costs, commodity prices, solar energy technology advances, and public awareness of the climate crisis. 13.5 million households have installed solar energy capacity in the U.S., and the amount is expected to double in the next five years.
Here are four emerging trends in solar energy that are going to change the fate of energy consumption in the US in 2020.
Decrease in Federal Solar Tax Credit
The solar Investment Tax Credit (ITC) was introduced by the federal government as a valuable incentive that decreases the total cost of going solar. Congress did not extend the solar credit, so it will be decreasing each year. At present, the credit is set at 30 percent, but starting in 2020, the solar ITC will be worth 26 percent of the total solar system cost, including installation. The solar ITC will continue to decrease permanently to 10 percent for commercial and utility solar projects, and zero for residential.
Decrease in Solar Battery Prices
Solar panels generate power when the sun is shining and don't when it is not. The energy stored enables the solar system to supply power when the sun has set or in cloudy weather, increasing the potentials of solar energy systems.
Solar batteries, like lithium-ion batteries, are more advanced, last longer, and require less maintenance compared to lead-acid batteries. It also costs more than the latter, but the price has been decreasing significantly in recent years, and this downward price trend is good news for renewable solar energy in 2020.
Homeowners depend on solar systems with battery storage for emergency power in case of a grid outage. This would be a great option in areas prone to extended power outages due to natural calamities or inadequate utility infrastructure.
Need for Solar System with Battery Storage
The popularity of solar systems with energy storage is soaring because, as the cost of solar batteries decreases, grid outages have become frequent. Between 2009 and 2019, there was a 30 percent increase in grid outages, and a total of 37 million people were affected in 2019. And these blackouts can cause property damage like frozen pipes and flooded basements.
Demand for Electric Vehicles
An increase in energy demand will create a transfer in the energy market, promoting the need for new power generation. Renewable energy sources like solar energy may help meet that demand. There is a growing trend of electric vehicle owners installing solar systems in their cars so that their cars can run off 100 percent renewable energy and solar installation companies installing electric vehicle chargers.
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