Solar Market Growth and Falling Prices

solar market growth

In Texas, we are seeing a vibrant solar market growth. While traditionally, the cost of solar installations was seen as a barrier for businesses and residential customers when transitioning their energy requirements to renewable sources, those days appear to be coming closer and closer to being in the past. 

With prices for solar array costs falling dramatically in recent years, more people across Texas can now take advantage of this technology than ever. In this article, we look at some of the facts and figures about solar and how Texas residents are now, more than ever, able to take advantage of this fantastic technology.  Texas solar installers can help more people realize their solar goals. 

Exploring Solar Market Growth & Falling Prices within the Solar Industry:

The Texas solar market has grown in recent years because of the increased availability of solar panels, greater distribution network, and falling prices. Prices have fallen across the board, with average prices per watt dropping 26% yearly between 2008 and 2013 due to increasing competition. Residential installations currently dominate the state’s solar market.

Approximately 60% of Texan’s homes have access to sustainable solar energy due to the high level of sunshine the state receives throughout the year. Texas’ solar market is driven mainly by residential customers. Still, businesses are also now adopting solar energy as an alternate power source, with the added number of commercial solar installers available. 

As a result of increased competition and government subsidies, prices for solar systems have fallen dramatically in recent years, meaning more people across Texas now have access to this fantastic technology than ever before.

Factors Driving the Cost-Effectiveness of Solar Energy 

Surplus inventory and lower production costs have led to significant cost reductions in solar technology. The cost of a typical solar system has dropped by over 50% since 2010, and this trend is expected to continue into the 2030s.

Consumers will also likely see even more significant savings as technological innovation accelerates. In April 2017, the SEIA reported that the cost of solar panels fell by 30% in 2016, and technology has never been cheaper or more efficient. From the 2020s into the 2030s, the potential for more cost-effective solar installations is expected to increase. 

Government subsidies, tax credits, and rebates have also contributed to solar market growth. As of 2020, Texas has a renewable portfolio standard (RPS) of 20%. In addition, Texas provides an incentive for solar installations through the Competitive Renewable Energy Zone (CREZ) program.

Currently, the state is home to more than 10,000 jobs in the solar industry. There are several large manufacturers based in Texas, and the corporations have installed solar systems throughout the state. 

Benefits of Investing In a Solar System 

  • Fewer outages: 

Solar energy storage systems can provide power even during grid outages, offering excellent protection against disruptive blackouts.

  • Reduced energy prices: 

Consumers who install solar systems can pay off their investment in the first seven years due to lower energy costs.

  • Lower utility bills: 

Most solar installations substantially reduce energy costs; in some cases, property owners can sell energy back to the grid through solar net metering agreements. 

  • Generation of renewable, clean power: 

Solar panels generate energy from the sun and therefore require no fuels or emissions. Solar panels produce no noise pollution and have low maintenance requirements.

Solar Market Growth

Texas has a bright future with solar energy. Solar market growth will continue as more residences and businesses hire solar panel installers for their projects and see the benefits of solar in Texas. 

As one of the best solar companies in Texas, we’d like the opportunity to help you best understand the benefits of switching to solar. 

Click the link to get your free solar quote.