While the power of solar panels to reshape the energy industry has been undeniable for a few years now, the recent data from 2014 shows just how much of a difference solar energy technology has made. According to GTM Research, a branch of Greentech Media, 2014 marked the largest growth year for photovoltaic solar panels yet, with 6,201 installations — 30 percent more than in 2013.
Furthermore, these figures only include Q1 through Q3 of 2014, allowing for further gains from Q4 once those numbers are tallied.
While these numbers are excellent by themselves, how much solar has grown beyond fossil fuel-based power generation makes them even more impressive. The report shows that solar made up 32 percent of new generating capacity in 2014, while natural gas only added 42 percent and coal added nearly none.
Furthermore, overall installation costs fell by 10 percent in 2014 and utility-grade solar installation climbed by about 1,000 megawatts. Combined, rooftop solar and utility investments have continued to soar, lending strength to the industry across the nation.
Beyond the growth of the market in 2014, 2015 is expected to see continued price drops in installation, thanks to supply-demand stability and input cost reductions. This will likely continue to strengthen the market throughout the year.
California, of course, has been particularly influential in this trend, with state incentives providing reliable benefits for investing in solar panels for your home, and 3,549 megawatts of solar installations in 2014 alone. Any homeowners throughout California considering going solar should contact SolarMax Technology. We can help you with solar financing and determining the optimal installation for your home's power needs.
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