The US Solar Market will double this year, providing economic benefits for everyone. Rooftop solar panels in particular have skyrocketed, putting solar energy system owners in control of their energy needs and reducing their electricity bill. The economic incentive for consumer-focused solar is great, but it is also important to understand the economic benefit solar adoption has for all of us.
Rooftop Solar Panels and Solar Power Generation
The Solar Energy Industries Association notes,” when smart homeowners install solar panels on their roof, they are increasing the supply of clean electricity generation and reducing the demand for dirty electricity generation.”
Due to increasing advances in solar technology and the federal solar tax credit, solar energy continues to become more accessible and generating power on-site has become more common. According to ICF International Inc, it has become so commonplace that grid managers who power the eastern portion of the country are planning to cut the amount of energy and capacity that they buy from traditional electricity generators.
Benefits of Solar Energy
The IFC International analysis reports that the New England (ISO-New England), New York (NYISO) and PJM Interconnection electric power markets will cut about 1,400 megawatts from wholesale energy generators by 2019. This will save the power companies and the customers in those states a massive $2 billion each year.
SEIA calculated the savings, and found that the increase in electricity supply provided by distributed solar generation and its associated reduction in demand is passed down to all ratepayers in two majors ways. First, grid operators buy less energy, cutting their costs. Second, the reduced take-home demand leads to a reduction in wholesale market prices, decreasing grid operators’ costs. Both avenues of reduced costs trickle down through the local utilities, resulting in lower retail prices for utility customers.
Solar is transforming the energy system in a way that is beneficial for everyone. Rooftop solar installation is driving the U.S. to a cleaner, more sustainable energy future and reducing energy costs in the process. This is great news for both our environment and our pockets.
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