Environment

Americans will install a record 5.6 GW of residential solar in 2022 – here’s why

American homeowners are expected to install a record 5.6 gigawatts of residential solar in 2022, according to a new analysis from Bloomberg NEF (BNEF).

BNEF found that 2022’s record US residential solar installations will be nearly three times that of the 1.9 GW of commercial solar installations expected this year.

Both residential and commercial solar installations are predicted to grow steadily through 2030, and with residential solar outpacing commercial solar every year. BNEF predicts that 2030 will see 8.3 GW of residential and 4.3 GW of commercial solar installed.

In May, Electrek noted that, according to a poll, American residential solar was installed for the following reasons:

  • To benefit the environment: 60%
  • Energy security: 54%
  • To reduce energy bill: 52%
  • To reduce energy reliance: 49%
  • Tax credit/rebates: 37%
  • To shade roof: 29%
  • To be off-grid: 28%

BNEF cites surging electricity prices and Inflation Reduction Act tax credit extensions as the reasons for accelerating residential solar adoption.

Residential solar tax credits are currently at 26%, and they rise to 30% for solar equipment placed in service after January 1, 2023. The tax credit then falls to 26% for 2033 and 22% for 2034.

Americans are opting for rooftop solar and battery storage because, despite inflation and supply chain problems, solar and storage comes out cheaper than paying utility companies, especially as electricity bills rise. They also want to reduce reliance on the grid in the face of extreme weather.

Read more: Here’s how Americans feel about rooftop solar and how it affects their house values

Photo: VCU Capital News Service/Flickr


UnderstandSolar is a free service that links you to top-rated solar installers in your region for personalized solar estimates. Tesla now offers price matching, so it’s important to shop for the best quotes. Click here to learn more and get your quotes. — *ad.


Subscribe to Electrek on YouTube for exclusive videos and subscribe to the podcast.

Products You May Like

Articles You May Like

Meta shares plunged 14% this week, falling close to their pandemic low
Newsom boasts California avoided rolling blackouts in extreme heat, says anti-green critics want to ‘double down on stupid’
SpaceX’s Mars Mission, and 3 Exciting Exoplanets!
A cleaner future for flight — aviation needs a radical redesign
France to increase space spending by 25%

Leave a Reply

Your email address will not be published.