U.S. to have 20 GW of photovoltaic panels installed in 2014

According to a senior analyst for the website Solarbuzz, the United States is on track to have 20 GW of photovoltaic (PV) solar panels installed across the country by the end of 2014. Writing for the website's blog, Michael Barker has looked at several recent trends in the solar energy industry, projecting that the U.S. will double its amount of solar generating capacity over the course of the next seven months.

In his piece, Barker noted that the U.S. solar panel grid reached a cumulative total of 10 GW during 2013, though the industry has since ramped up production during the first half of this year. Barker writes that one of the major reasons for this increasing popularity of PV panels is that they are becoming cheaper to produce and install domestically, making them more affordable for the average person.

In addition to the declining costs of PV panels, another reason for the optimistic outlook is that companies are pushing for their own solar construction and installations in the near future. Solarbuzz notes that these businesses want to take advantage of all the available federal and state tax incentives that are currently being offered, before any possible reductions.

PV panels have been classified as a low-risk long-term investment by Wall Street, which makes them a very valuable and potentially profitable source of income for utility companies and investors. Solarbuzz says that now is the perfect time to put your money into this renewable energy source, where it can offer a high return rate.

If you are a Maryland resident and you want to increase your own home's energy efficiency, be sure to schedule an appointment with Alban Inspections today for our energy audit services!