US Residential Solar Market

Part
01
of one
Part
01

US Residential Solar Market

Several factors contribute to the increase in customer demand. As technology and innovation increase, solar systems are becoming smarter and more interactive. These two trends are already emerging and are expected to keep doing so within the next few years.

Increased Customer Demand

  • In 2019, Wood Mackenzie forecast that there would be a 23% annual growth in solar installations. However, in the same year, the forecast for the next five was adjusted to represent faster growth. In the next five years, the PV capacity in the US is expected to double. By 2021, installations are expected to reach 20.1 GWDC.
  • Families in America are increasingly using solar energy, making it a better alternative. According to the president and CEO of SEIA, Abigail Ross Hopper, the companies in this industry are ready to deliver and meet this expectation. In the wake of the COVID-19 pandemic, utility customers have had to endure delayed services, leaving some in the dark.
  • Singlepoint, Inc. has seen a 190% increase in revenue between 2018 and 2019. This increase is expected to continue in the 2020s. It is also important to note that this company has acquired Direct Solar of America, which increases its customer reach and impact.

Smarter and Interactive

  • Smart solar will be the next generation system, increasing consumer interaction with online or smartphone-available features such as intelligent inverters, demand mitigation devices, and high-efficiency AC systems. This system will empower the client to enhance and manage the use of solar-generated energy within the home. As investments increase, the development of technologies in this industry is expected to keep advancing.
Sources
Sources