The cost of solar panels has plummeted more than 70 percent since 2010 and the number of new installations is more than doubling every year for exponential growth in the solar industry. So, what’s the next step?
Research and analysis firm IHS Technology released a report last week comparing the current energy storage market to the solar photovoltaic environment in 2010.
Just as solar took off at a rapid pace from that point, experts predict energy storage is set to catapult in coming years.
Just as the amount of installed solar generation grew 10-fold between 2010 and today, the experts at IHS predict a 10-fold increase in the amount of energy storage from 90 megawatts now to 900 megawatts by 2018.
And just as solar growth gained its momentum in Europe, IHS estimates Germany, Australia, Italy and the United Kingdom will lead the storage market as well.
The week of Nov. 10 was a big one for solar energy news. A climate deal between the US and China means demand for solar energy could grow even faster than it has been. The Navy signed a deal with SolarCity to install rooftop solar panels on 6,000 on-base housing units and the first solar road opened in the Netherlands.
Solar advocates celebrated last week when staff at the Arizona Corporation Commission recommended that the state’s largest utility not be allowed to get into the rooftop solar business.
The recommendation is not binding but commissioners will weigh it heavily when making their decision.
Arizona Public Service, the state’s biggest utility, has gained a reputation for trying every which way to thwart expanding distributed solar companies.
Right now solar panels provide less than 1 percent of the energy needs in the United States. But all indications are that we’ve reached the tipping point and the growth from here will be exponential.
The International Energy Agency estimates that solar will be the world’s biggest source of power by 2050. How?