Solar energy facts and statistics
Solar energy is a clean and renewable energy source, and the cost of installing solar panels decreases every year. Millions of Americans are enjoying energy savings by switching to solar energy to power their homes. Here are some interesting solar statistics and facts to consider. (Solar statistics are based on data from the Solar Energy Industries Association.)
- The average American home spent approximately $124.47 per month on electricity costs.
- Solar capacity in the first quarter of 2019 increased to the potential of powering 12.7 million American homes.
- The solar industry has seen an average annual growth rate in the U.S. of 50%.
- By 2050, 29.8% of electricity generation will be produced by solar.
- More than 242,000 Americans are employed by the solar industry.
- Solar energy generates $17 billion for the U.S. economy.
- The cost of a solar installation has dropped by more than 70% in the last ten years.
- The average cost of installing an entire solar panel system is around $18,000. You can view the average cost of electricity by state in this report from the U.S. Energy Information Administration (EIA).
- The top 10 U.S. solar producing states in order are: California, North Carolina, Arizona, Nevada, Florida, Texas, New Jersey, Massachusetts, New York, Utah and Georgia.
Solar installations are forecast to grow in all areas of the U.S. in 2020 and 2021 due in part to a drop in the cost of installing solar panels as well as homeowners taking advantage of the federal solar tax incentive. In the next five years, solar capacity in the U.S. will more than double.
The U.S. solar industry is growing rapidly. After paying for the initial investment of installing solar panels, you can start realizing savings on energy costs. Not only will you be saving money on energy bills, but you’ll also be helping the environment by using clean energy. The federal solar tax incentive is available in 2019 and allows you to deduct 30% of the cost of a solar installation for your home, so why not take advantage of the savings while you can?