Get ready to see a lot more solar panels.
U.S. solar installations will more than double in 2016, increasing by 119%, says the Solar Energy Industries Association. That's a continuation of the energy subset's ongoing growth, which has seen a tenfold increase since 2011.
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“This is a new energy paradigm and the solar industry officially has a seat at the table with the largest energy producers,” said SEIA president and CEO Rhone Resch. “Because of the strong demand for solar energy nationwide, and smart public policies…hundreds of thousands of well-paying solar jobs will be added in the next few years benefiting both America’s economy and the environment.”
Still, traditional energy companies are hardly in danger of going out of business. Solar power today accounts for just 1% of the nation's electricity. And the group expects that to jump to 3.5% by 2020.
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Two factors are credited for the rise in interest in solar power. The cost of panels, which used to be prohibitively expensive, has fallen 67% since 2010, says the group. And a 30% federal tax credit, which was recently extended through 2019, is giving homeowners, businesses, and utility companies more incentive to explore the technology.