Solar Outshines Hydropower: US Power Shift in 2024

Nov 8, 2023 01:44 PM ET
  • Save on electricity bills with residential solar! Incentives and hardware cost reductions have made it attractive to homeowners, contributing to solar becoming the 2nd largest source of US electricity. Renewable energy is projected to surpass coal and nuclear in 2024.

The significant shift in solar's dominance is attributed to the falling cost of solar hardware, as well as government incentives that have made residential solar installations increasingly attractive for homeowners. This has resulted in solar becoming the second-largest primary source of US electricity, after natural gas. Renewable energy is on track to overtake coal and nuclear power in 2024, according to the data.

What Factors Have Led to Solar's Dominance?

  • The decrease in solar hardware costs over the past decade has been a key factor in solar's rise to dominance. This has made it more affordable for individuals to install solar panels on their homes.
  • Governments have also provided incentives to encourage residential solar adoption, such as tax credits, grant programs, and renewable energy mandates.
  • The widespread availability of battery storage systems has also enabled solar to become a more reliable source of energy.
  • The surge in renewable energy sources has caused the cost of energy generated from these sources to become more competitive, making solar a more attractive option for consumers.
  • Advances in solar technology, such as improvements in efficiency and durability, have made solar an increasingly attractive option for businesses and homeowners.
  • The increasing awareness of the environmental benefits of renewable energy sources has also been a key factor in solar's rise to dominance.
Source:
bloomberg.com

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