Renewable energy has become more mainstream in recent times especially in the US.
According to data presented by TradingPlatforms.com, Solar Power Generation in the US increased by 26% YoY in 2020 – producing just under 91,000 Million Kilowatt Hours of solar thermal and photovoltaic (PV) power.
Solar Power Generation In US Recorded A CAGR of 54% From 2010-2020
Solar Power Generation in the US has risen dramatically over the last 2 decades. In the year 2000, the US only generated 493 Million Kilowatt Hours but by 2010, that number had risen to 1212 Million Kilowatt Hours at a Compound Annual Growth Rate (CAGR) of 9.41% from 2000-2010.
The momentum from the first decade of the millennium has continued for a further 10 years, with solar power generation reaching its peak of 90,891 Million Kilowatt Hours in 2020. This gave Solar power generation an incredible CAGR of 53.99% from 2010-2020.
Residential Sector Record Largest PV Capacity Installations In 2020
The residential sector has recorded a larger number of small-scale solar PV capacity installations than the commercial sector since 2014. Back in 2014, the Residential PV capacity installations amounted to 1.5 gigawatts compared to 1 Gigawatt from the commercial sector – a difference of 40%.
In 2020 the difference between the two sectors had widened to nearly 86% after the residential sector recorded its largest number of solar PV installations in a single year. The residential sector registered installations equivalent to 3 gigawatts compared to the commercial sector’s 1.2 Gigawatts.
Rex Pascual, editor at TradingPlatforms commented: “Renewable energy has become mainstream in the last two decades especially in markets like China and the US. As technology progresses, small scale solar generation will become even more and more accessible to the average resident in the coming years. This combined with growing awareness around the effects of Climate Change give solar power generation a bright future in the US.”