The Solar Investment Tax Credit (ITC) is partially responsible for growth. Passed in 2006, solar power has experienced a compound annual growoth rate of nearly 60% since its passage.
The solar industry employs more then 200,000 workers, more than double the number in 2010, and created 8,000 companies representing all 50 states. By 2020, the number of workers in solar will more than double, to 420,000.
Another factor in the growth of solar is that the cost of installation has dropped by more than 70% over the past 10 years. California dominates the U.S. solar market with 44% market share in 2015. Massachusetts, New York and Texas continue to expand.
Data from solar companies show that major U.S. corporations, including Walmart, Ikea and Macys are going solar at an incredible rate. Look up at the roof tops as you drive around and you will see schools, churches and large commercial buildings going solar. In addition, residential installation of solar continues to explode.
We've had our solar for about 15 months now. I love getting a $10 gas bill from SDGE every month. That's it. We just settled up with SDGE for the year and ended with $59. At the end of the year, after paying for no electricity, we had a $59 credit. I love it. As time goes on and more and more people get solar, prices will continue to drop. So happy to be "off the grid" when it comes to electricity. For more info, with charts on the growth of this industry, go to seia.org/research-resources/solar-industry-data.
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