While the majority of power across the planet is generated by fossil fuel-burning power plants, Deutsche Bank suggests solar will become the dominant electricity source by 2030. Displacing coal, oil and gas, this growth would be driven by nearly $5 trillion in revenue growth for the solar industry over the next 15 years, despite solar making up a mere 1 percent of the current energy market.
According to the report, significant focus on solar in Europe, North America and India will likely drive solar's share of the global electricity market up to 10 percent by 2030, and 30 percent by 2050 should growth trends continue.
"We believe reduction in solar storage costs could act as a significant catalyst for global solar adoption, particularly in high electricity markets such as Europe," the report states. "As we look out over the next 5 years, we believe the industry is set to experience the final piece of cost reduction – customer acquisition costs for distributed generation are set to decline by more than half as customer awareness increases, soft costs come down and more supportive policies are announced. While the outlook for small scale distributed solar generation looks promising, we remain equally optimistic over the prospects of commercial and utility scale solar markets."
Between growth in residential solar panels and utility-scale solar farms, if the market meets these growth expectations it could have a significant positive impact on both global economies and the environment. Already in California many homeowners are playing their part toward this end, as solar investments continue to rise statewide. If you're considering buying solar panels for your home, contact SolarMax Technology Inc., for the best prices — purchase or lease — on panels and installation today.
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