The solar industry continues to make impressive growth: solar installations have increased by five times since 2016, and residential solar installations surpassed 5 million this year! To celebrate our trailblazing industry, here’s a few must-know facts to bring to your next kitchen table conversation.
Solar is great for the economy
- Solar energy provides 364,500 jobs across the United States, and if you include those who work in the solar battery industry, that number jumps to 454,000!
- Solar boosts local business, fuels local economies, and increases home property value—benefitting the whole neighborhood.
- Solar also lowers energy bills and creates savings for homeowners. Energy bills are expected to continue increasing especially in certain states; solar can lower energy bills and create savings for homeowners.
Solar is cheaper than coal and better for the planet
- It costs about $24 to build enough solar panels to produce 1 megawatt-hour of electricity, while it costs the average coal plant $36 to produce the same.
- Solar is already around half the cost it was a decade ago.
The most exciting part? Prices for solar are expected to continue falling—especially with the Inflation Reduction Act Incentives in place.
The United States ranks second in the world for solar energy generation
- The U.S. is only surpassed by China for solar energy generation. The U.S. does have some catching up to claim the #1 spot, with China generating more than double in solar energy in 2023.
- Within the states, California ranks as the largest market for solar overall, although Texas surpassed California’s solar installations in 2023! Florida ranks third out of the rest of the 50 states.
- Altogether, over 200 gigawatts of total solar capacity is installed nationwide!
Solar has an incredibly long history
- The advancements and adoption of solar has been newsworthy the last few decades, but the invention of solar energy goes way back.
- The history of solar panels dates back to the late-19th century, with the first two patents for solar cells filed in 1888. And it wasn’t until the 1950’s, that solar cells started being produced.
- Solar used to be cost-prohibitive for the majority of the population. Technological advances in the production, process and installation of solar panels, as well as financing technology, has helped make solar more affordable for homeowners.
Financing applied for and processed through the Mosaic platform is originated by Solar Mosaic LLC or one of its lending/financing partners. Equal Housing Lender