Energy generation in the US is expected to grow by 3% in 2024, with solar power being the main source of this expansion. The Energy Information Administration predicts that solar generation will exceed hydroelectricity for the first time in history by 2025. Federal policies are focused on making renewable energy sources like solar, wind, and hydropower more accessible to all American communities, leading to a projected 22% share of total energy generation capacity by the end of 2024, increasing to 24% by 2025. Solar energy is rapidly growing, with a projected 41% increase in generation, followed by 5% from wind and 6% from hydropower in 2024.
In 2023, solar power saw record-setting growth in the US, with over half of new energy generating capacity coming from solar panels. Federal incentives for solar installations included in the Inflation Reduction Act played a significant role in this growth. While there have been challenges in the solar industry, such as high interest rates and changes in state net metering policies affecting solar installation rates, experts remain cautiously optimistic about the future of solar energy. The Solar Energy Industries Association projects that total solar deployment could quadruple over the next 10 years with continued federal clean energy policies.
To install rooftop solar for your home, it is important to first determine if solar is available in your specific living situation. Renters may not be able to install their own solar panels, but community solar programs are emerging to support their needs. Homeowners should ensure their roof is structurally sound and appropriate for solar installation, and should reach out to multiple solar installers for cost comparisons and reviews. Taking advantage of federal and state-level solar incentives, such as the Inflation Reduction Act’s 30% residential clean energy credit, can help maximize the financial benefits of investing in solar energy.
Energy-efficient homes can save homeowners money in the long run, with energy-efficient upgrades and appliances helping to reduce energy bills. The Inflation Reduction Act’s residential clean energy credit also applies to solar battery installations, while the energy-efficient home improvement credit applies to various home upgrades like furnaces, heat pumps, insulation, and more. By following these steps and making the most of available incentives, homeowners can make a positive impact on their wallet and the environment by investing in solar energy and energy-efficient home upgrades. The future of solar energy in the US looks promising, with continued growth in renewable energy sources expected in the coming years.
