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Solar Energy Projected Growth

Growth of Photovolaic Solar from 2007 to 2016

With all the hype about photovoltaic solar energy, the only question is how much is it going to take off. According the projection below, renewable energy is expected to multiply by a factor of 7. This means that the solar industry will increase from $13 billion in 2006 to more than $65 billion in 2016.

A large portion of the solar growth will come from federal funding. The government is currently using solar funds in a manner that fosters competition. Homeowners and businesses currently pay for half a solar system (with the other half payed for by the incentives and tax rebates). Since a typical solar system costs $20,000 or more, significant investment is required.

Homeowners are looking for the lowest price, so they will purchase a solar system for the lowest price, forcing solar businesses manufacture cheaper, more efficient solar panels. As a result, companies are working on creating solar panels that can compete with today's fossil fuel prices.

The goal: make solar panels that are cheaper than fossil fuels. Right now, solar panels are cost effective with the government solar rebates, but the day is coming when they are affordable on their own.