U.S. Solar Market Will Witness A Growth Slowdown This Year

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The sustainable energy projects will witness a growth slow down in the United States as one of the largest solar energy projects will shift into 2020, Reuters reported. The Solar Energy Industries association forecasted 25% growth earlier in the year but it has slumped to 17%.

Industry chronicles learned that various corporations have pledged to move towards the sustainable future eventually increasing the demand by 20% from the year 2019 to 2024. Many of the country’s largest projects are lined up for installation that will amount 37.9 gigawatts. Moreover, the companies are waiting for the generous tax credits which are 30% now. However, it will move down to 10% in 2022.

Consultant Woods Mackenzie blames policy change in  California, Massachusetts, and Minnesota for the decline.

Looking over the global market, the oversupply of solar panels from China’s top producers has reduced the prices across the globe. The residential installation has grown to 8% since last year while it witnessed a reduction in non-residential reduction.

Investments in the solar energy market

Recently, Ingka Group, a strategic partner to IKEA has announced that has reached an agreement with Copenhagen Infrastructure Partners to acquire 49% stakes in solar PV projects in Utah and Texas. The capacity will total to 403-megawatt.

Currently, it owns and operates 900,000 rooftops solar photovoltaic (PV) panels on IKEA stores.

Developing countries like India have announced incentive programs to attract investors in the solar energy market. It’s planning to scale up renewable energy parks across the country, each project having a capacity of 2 gigawatts.

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