Deployment of renewable energy has been consistently on the rise — reaching its highest level in around 70 years. Solar power is also dramatically increasing, as the Solar Energy Industries Association (SEIA) estimates that the nation's current solar capacity will double within the next two years, putting to use 20,000 MW in newly solar capacity.
Due to the severe drought in California, a leader in nationwide solar energy production, there has also been a decline in hydropower output. Yet, the state is supplementing this shortage through solar power, where it has become the first state to derive more than 5 percent of its electricity from solar, according to Greentech Media.
Bloomberg News Energy Finance reports that around $3.7 trillion will be spent on solar energy between now and 2040 throughout the world. Furthermore, through a comprehensive analysis of previously unaccounted solar energy generation by SEIA and kWh Analytics, the team found that the current predictions for United State's solar power production are much lower than the reality.
"The results are astonishing: we estimate that actual solar production is 50 percent higher than the previous best estimates of solar production," Greentech Media explains. "In the 12 months ending in March, solar energy systems in the U.S. generated 30.4 million megawatt-hours of electricity. SEIA's utility-only estimate for the same period is 20.2 million megawatt-hours.
This analysis means that the nation's solar production could potentially meet the annual electricity needs of states such as Rhode Island, Alaska, Vermont and Hawaii combined.
If you are interested in learning about the benefits of photovoltaic solar panels, or residential solar panels, contact SolarMax Technology today.