Solar Market Growth

The solar market in the US has experienced massive growth in the past several years. The residential solar PV market is expected to grow at a compound annual growth rate (CAGR) of 5.6% from 2021 to 2028. With the collapse of Russian oil markets, there has been a recent opportunity for the growth of clean energy. Several stocks, such as Sunrun (RUN) gained 33% since the beginning of the Russian invasion of Ukraine. 

Clean Energy Policies

The market partly relies upon the clean energy policies and goals of certain states and cities. The US has set the goal of net-zero greenhouse gas emissions no later than 2050, but some cities hope to reach that goal much sooner. This plan consists of new goals set for every ten years and involves energy efficient standards, renewable energy subsidies, and over $2 trillion of public funds in the next ten years for clean energy infrastructure and technologies. The US residential solar PV market is mainly found in California, New York, Texas, and Arizona. 

Solar Market Breakdown

In 2021, solar energy accounted for 46% of all new electricity-generating capacity added. This meant the market installed a record of 23.6 GWdc of solar capacity which is a 19% increase from 2020. The solar Investment Tax Credit (ITC) enacted in 2006 has been partly responsible for driving solar PV installation in the US. Currently, there is a 26% tax credit for the installation of solar systems on residential properties. The US solar energy market has experienced growth in three main sectors: utility scale, commercial, and residential. According to the IEA (International Energy Association), 58% of PV solar capacity were utility scale systems (347 GW), 30% were commercial systems (176), and 12% were residential systems (74GW).

The Greeneum Solution

The Greeneum network platform encourages users to participate in the growth of green energy. Along with several factors such as tax subsidies, Greeneum offers a further incentive to use solar energy. Participating in the Greeneum network platform offers several benefits at no cost to green energy producers. GREEN tokens are given to participating green energy producers for each megawatt hour of renewable energy created. GREEN tokens can be sold or traded for renewable energy goods on Greeneum’s open-market or be exchanged for other cryptocurrencies. The Greeneum network is working to partner with US renewable energy producers in the solar industry as this sector will see huge growth in the next decade.