Solar enthusiast and businessman Elon Musk pointed to 2019 as “the year of the solar roof.” We will have to wait for fourth-quarterly earnings reports to see if it really was. But, overall, 2019 was a good year for solar firms as the Invesco Solar ETF rose 63.9% compared to the S&P 500 Index’s rise of 29.8%.
Solar stocks are growing steadily as demand for solar energy among homeowners continues to increase. The investment tax credit ends next year and this is likely to push American households to opt for solar power rapidly to not miss out on that.
What are the Stats
In the third quarter of 2019, the American residential solar market had reached record highs. As per a report from the Solar Energy Industries Association, in Q3 of 2019, 712 megawatts of photovoltaics (PV) was installed. The association now expects that total installed PV capacity to double by 2025 and installations to reach 20.1 GW in 2021.
The cost of grid electricity has either stayed constant or increased, and services seem to be deteriorating, with more frequent blackouts and risks of wildfires. This, if not tax benefits, has made homeowners flee to alternative energy sources, especially solar.
Also pushing the boom are that installations of solar panels are becoming more cost-effective every year. Higher demand and a decline in cost will surely benefit the solar market in 2020.
Solar Shines Bright
With the sun shining brighter, big tech players like Tesla, Inc. are looking forward to making the most of the new developments in solar. With Tesla Solar’s new solar roof tile, the company can fare very well this year. In fact, to make 2020 “the year of the solar roof,” the company has to work on its solar deployment, increasing it to maximum capacity possible.
From rooftop system to utility-scale power plant, solar energy is now cost-competing with fossil fuels in most parts of the country. The three main players in the solar market being manufacturers, installers and suppliers, are expected to make the most in 2020.
According to the IHS Markit new 2020 Global Photovoltaic (PV) Demand Forecast, “global solar installations will continue double-digit growth rates into the new decade.” New installations are expected to reach 142 GW in 2020, suggesting a 14% rise from 2019. Additionally, installations are expected to grow 20% in the United States this year, making it the world’s second-largest market. And Florida, California, Texas, North Carolina and New York will drive growth in the next five years.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Net 0 Energy Homes employs a highly experienced team of expert solar panel installers of domestic and commercial solar panel (PV) systems across South Florida, including West Palm Beach, Fort Lauderdale, Miami, Florida Keys, and the Bahamas.
We also provide and install radiant barrier attack shield, quality insulation, solar water heaters, solar pool heaters, and a myriad of other amazing products to keep your home’s heating and cooling costs as low as modern science will allow.
Net 0 Zero Energy solar electricity systems are made of high-quality US manufactured modules of top tier quality. While our solar water heating systems are manufactured by Solar Development Incorporated, Florida’s oldest solar manufacturer located in Palm Beach County since 1974.