Connect with us

Hi, what are you looking for?

Business

Despite COVID-19 pandemic – U.S. solar to grow 33 percent in 2020

According to the U.S. Solar Market Insight Q2 2020 report, released by the Solar Energy Industries Association (SEIA) and energy research firm, Wood Mackenzie, the solar industry will install 18 GW this year, enough to power over 3 million homes.

This number does sound encouraging, but it is also tempered by a hit from the coronavirus pandemic. In a statement, the SEIA noted that while the “first quarter of the year was largely unaffected by the pandemic,” impacts were “expected to appear beginning in the second quarter.”

CNBC is reporting that Abigail Ross Hopper, the president and CEO of the SEIA, said the solar industry had “certainly been impacted by the pandemic, resulting in uncertainty for businesses and 72,000 Americans out of a job.”

Wood Mackenzie had originally projected almost 20 GW of installations for 2020, but shaved 9 percent from the figure due to the coronavirus pandemic, bringing it down to a 33 percent increase in new installations being projected for the year.

 The number of people working in the renewables sector could reach 24 million by 2030  more than off...

“The number of people working in the renewables sector could reach 24 million by 2030, more than offsetting fossil-fuel job losses and becoming a major economic driver around the world.,” says the IRENA report.
EDF Report


“While the utility segment shows promise with sustained levels of procurement so far, lower energy demand due to productivity loss and wholesale electricity market price drops will add to the uncertainty,” Ravi Manghani, head of solar at Wood Mackenzie, said in a statement.

Looking at the solar industry as a whole, residential and commercial solar installations has been hit fairly hard by the pandemic. Installations are down 25 percent this year, but are expected to rise by 26 percent next year, reports Reuters.

It is utility-scale solar installations that will keep the industry looking great this year. It is hard to argue with the fact the cost of solar-produced electricity has plunged 90 percent since 2009 and is even cheaper than fossil fuel. Actually, the solar energy industry is expected to be the fastest-growing part of the renewable energy market in the next three decades.

Written By

Karen Graham is Digital Journal's Editor-at-Large for environmental news. Karen's view of what is happening in our world is colored by her love of history and how the past influences events taking place today. Her belief in man's part in the care of the planet and our environment has led her to focus on the need for action in dealing with climate change. It was said by Geoffrey C. Ward, "Journalism is merely history's first draft." Everyone who writes about what is happening today is indeed, writing a small part of our history.

You may also like:

Tech & Science

Lakes in the Northern Hemisphere have been warming six times faster since 1992 than they were in the past 100 years.

World

Jennifer Cashman and her family lost virtually everything when their house in Paradise, California was razed by a wildfire.

World

Hong Kong has one of the strictest mandatory Covid quarantine regimes in the world - Copyright AFP/File ISAAC LAWRENCEHong Kong will tighten coronavirus travel...

World

The number of Algerians arriving on Spain's southeastern coast or the Balearic Isles has soared - Copyright AFP/File ISAAC LAWRENCEThomas Perroteau with Amal Belalloufi...