The global solar PV demand is expected to surge to 125.2 gigawatts by 2024. Since the demand for solar energy has been consistently increasing for the past decade, the technology is also becoming more advanced and cost-effective. According to research, the overall construction costs of solar power technologies will drop by a whopping 4.4% annually. The PV sector was expected to grow at the rate of 13% per year from 2020 to 2030.
New York’s Solar Market
According to a report published on March 22, 2022, Governor Kathy Hochul has announced New York as the leading solar community market in the US. In New York, over one gigawatt of community solar is operational and sufficient to provide energy to 209,000 homes.
The state is reported to have the US’s biggest pipeline with several community solar projects in process, ensuring people’s continued access to clean economic solar in the coming years.
This announcement has substantially accelerated the progress towards accomplishing the goals of the Climate Act, i.e., the Climate Leadership and Community Protection Act. The primary goal of the Climate Act is to leverage renewable sources to produce 70% of the state’s overall electricity and achieve approximately 10- gigawatts by 2030.
The Future of Solar
- As solar energy technology continues to advance further, electrification and decarbonization are expected to fully offset, and electricity prices are expected to stay constant by 2035 due to demand flexibility.
- The continued growth in the electricity demand may result in the electrification of several fuel-based systems such as vehicles, heating/cooling systems, and other industrial processes. By 2050, these electrified systems are predicted to be powered by zero-carbon electricity; thus reducing the carbon footprint of the business.
- When companies deploy solar power systems, they may get an opportunity to do the savings. It may also help them increase their energy resilience.
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Feel free to get in touch with us if you’re looking for a reputable solar energy consulting services provider in New York.