US Solar Market
Insight into the 2020 Solar Power Market in the United States
Forecasts have shown that in 2020, the residential and commercial solar markets will see a decrease of 25% and 38% respectively in terms of year-over-year installation volumes. This is due to the COVID-19 outbreak in the United States resulting in delays in construction, delays in permits, complete nationwide lockdowns, as well as lower consumer demand for solar installation. Presently, the solar market is believed to be suffering through one of the most difficult periods of the year.
Regardless of the unfavorable consequences of the pandemic and uncertainty regarding the future, the market is predicted to see a 33% growth this year. This prediction is based purely on the strong performance of solar energy over the past few years, as well as the rapid installation of solar panels on much larger scales. It must be noted that this percentage would have been a lot higher in the absence of the pandemic.
In the first quarter of 2020, the solar energy installation in the United States powered over 15 million homes. According to the Solar Energy Industries Association (SEIA), this was a record-setting quarter as more solar panels were installed in the country than ever before. Although the current pandemic has slowed down the growth of the solar industry, the five-year projections remain incredibly strong, nonetheless. Over 80 GWdc of additional capacity is expected by 2025 which will further fuel the growth of the market.