Solar panel installations in select states like California have reached a 15% adoption rate. A figure which several analysts believe is a tipping point that will spur even more consumers to take a hard look at renewable energy options.
With installed costs dropping nearly 70% in the last decade while tax credits and other incentives have largely remained, there has never been a better time to consider solar.
Solar power stands at the precipice of explosive growth, according to Brewster McCracken, CEO of Pecan Street, a research institute located in Austin, Texas, that focuses on the utility industry. He bases his prediction on the economic theories of Everett Rogers first published in 1962. Rogers postulated that when 15% of people accept an innovation, it will quickly spread to 60% of the target population. McCraken says that in some markets — like Hawaii, California, and Arizona — residential solar power has already achieved that 15% level of acceptance. He thinks that means it is about to see explosive growth. via solarlove.org
Image from solarlove.org
But it may not be all sunshine(pun intended) as utility companies will be forced to quickly react to changing market conditions. New infrastructure will be required for feeding excess solar production into the grid. Utilities will also be facing reduced revenue as their existing customer base transitions to self-generated electricity.
No question, a lot of uncertainty to come in the next 10-15 years as the solar adoption continues. But it’s a trend that is likely to accelerate in more areas of the US in the coming years.