Projected Growth of Photovoltaics - Expected to Multiply in the coming decade

Green Energy Projected Market Growth

solar panel With all the hype about renenwable energy, the only question is how much is it going to take off. According the projection below, renewable energy is expected to multiply by a factor of 7. This means that the solar industry will increase from $13 billion in 2006 to more than $65 billion in 2016.

A large portion of the solar growth will come from federal funding. The government is currently using solar funds in a manner that fosters competition. Homeowners and businesses currently pay for half a solar system (with the other half payed for by the incentives and tax rebates). Since a typical solar system costs $20,000 or more, significant investment is required.

green energy projected moarket growth

Homeowners are looking for the best price, so they will purchase a quality solar system for the lowest price, forcing solar businesses to conduct research to manufacture cheaper, more efficient solar panels. As a result, companies are working on building solar panels that can compete with today's fossil fuel prices.

The goal: make solar panels that are cheaper than fossil fuels. Right now, solar panels are cost effective with the government solar rebates, but the day is coming when they are affordable on their own.


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