Penetration of rooftop solar
Even though there’s been strong expansion of solar power in the United States in the last half decade, less than 1% of the US population is using solar energy. As a result, there’s a huge potential for growth in solar PV (photovoltaic) use.
Solar penetration is expected to rise in the rooftop solar area, considering customer inclination. Mainstream utilities such as Southern Company (SO), Duke Energy (DUK), and NextEra Energy (NEE) are expanding their solar portfolios.
According to a Bloomberg New Energy Finance report, economy of scale is the main reason behind the fall in solar power’s price. Government subsidies and other policies have also led to cheaper power production from renewables.
The report further states that the cost of solar power has fallen to 1/150th of its level since the 1970s, while the total amount of solar installations has soared 115,000-fold.