Solar power is the fastest growing source of energy and is now the most-used source of renewable energy in America, but there’s still some misinformation out there about it.
So, to set the record straight on one of the keys to a future with abundant and cheap electricity, here are our top five facts about solar energy.
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More new solar panels are installed than any other power source.
If you feel like you have been seeing more home solar panels in your neck of the woods lately, you are probably correct and certainly not alone.
Solar installations were the leading source of new power generation capacity in the US every month from September 2023 to August 2024, according to a recent report.
According to the Federal Energy Regulatory Commission, solar made up 78.3% of all new power generation capacity in the US for January to August 2024. In total, renewable energy of all types is 90.1% of new capacity for the first eight months of 2024. The added solar capacity is more than double the solar capacity added during that same span in 2023.
When you look at the numbers, this statistic isn’t too surprising, considering solar energy installations have been consistently trending upward in the United States for the last two decades. The U.S. Energy Information Administration (EIA) projected in 2023 that the added solar capacity will allow annual solar electricity generation to surpass hydropower in 2024.
Solar is the most abundant energy source globally.
One main reason solar energy is experiencing such rapid adoption is the fact the sun's radiation is the most widely available renewable energy source in the world.
While every kind of energy source has its own pros and cons, the truth is few things on Earth are as consistent, inexhaustible, and globally available as good, old-fashioned sunlight.
For this reason, so many people, businesses, governments, utilities, non-profits, and even space programs feel confident in relying on sunlight to generate electricity all over (and even out of) this world.
In 2023, 10 countries installed over 20 GW of solar energy capacity, which is roughly equivalent to the annual power consumption of 17.5 million American homes.
Solar is the cheapest source of electricity ever.
It almost goes without saying that access to sunlight is free and can’t be hidden behind any sort of paywall (a famous episode of The Simpsons not withstanding).
So, the financial costs of going solar are primarily associated with equipment, labor, and permitting, rather than any ongoing fuel expenses.
Thanks to improvements in technology and supply chains and a 98% reduction in costs over the last 40 years, solar investments are now considered the cheapest source of electricity in history.
Learn more: Is solar energy a good investment?
See how much you can save by going solar with Palmetto
Solar power is often hidden in plain sight.
If you ever have the chance to experience a bird's eye view of your city, whether that be via drone footage or by looking out of a plane window, it may surprise you how many solar panels are actively harnessing sunlight and generating emission-free electricity nearby.
From remote fields hosting massive solar installations to the increasing number of businesses and residential complexes lining their roofs with panels, solar power is everywhere, whether or not it can be seen at street level.
Beyond those tucked-away solar panels that can be discovered from above, many new solar energy installations are now generating electricity while in disguise as another building material.
With products like solar shingles and solar windows, more home and commercial property owners are now generating solar power with building-integrated photovoltaics in addition to traditional panels.
Solar energy has a bright past and future.
When looking at solar power through a wide lens over time, harnessing sunlight is a tried and true method for energy generation that has been in use since the dawn of man. From lighting torches in ancient Greece to heating water and now generating massive amounts of renewable electricity, solar energy has played a significant role in the development and advancement of human life on Earth.
Fast forward to today and solar energy technology is amid a boom in both innovation and adoption. Largely powered by global efforts to reduce carbon emissions and electricity costs, many predictions now indicate that solar will be the most prevalent energy source in the world by 2050.
If you want to know more about going solar and the potential energy savings from a home solar system, you can estimate your solar savings with Palmetto or contact us to talk with a solar expert.
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Frequently Asked Questions
How do I know if solar is right for me?
There are several factors we can look at with you to determine if solar is a good fit for you. We look at roof space, home energy usage, credit health, and eligibility for incentives. At Palmetto, we start by calculating a savings estimate based on your home, location, and current electricity costs. We can then outline options based on your goals and the specifics of your home.
Is home solar power risky?
During the initial survey and design process, we’ll work with you to outline overall costs, financing options, and any incentives you may be eligible for. Since solar panels are designed to reduce your monthly electricity costs, we forecast your savings before you buy. Plus, with best-in-class technologies and ongoing customer support, you can count on long-term peace of mind
Andrew GiermakWriter and EditorAndrew joined Palmetto in Charlotte in August 2024. He’s been a writer in journalism, then in business, going back to almost the 20th century. He’s lived in Indiana, Virginia, Pennsylvania, Virginia again, and now North Carolina for the last 12 years. He likes golf. Is he good at it? Not so much.
