According to International Energy Agency (IEA), solar, wind and other renewable energy sources are expected to continue growing, increasing installed capacity by 75% through 2027. This new growth shows there will be as much capacity added in the next five years as in the last 20, adding about 2,400 GW over the period.
In the US, solar generation is projected to be 20% by 2050, including significant growth in the commercial and industrial (C&I) segment of the PV solar market. Why has this occurred?
Increasing awareness and emphasis on corporate sustainability and environmental responsibility is a contributing factor. As the cost of PV solar technology has been decreasing, it has become more affordable for C&I companies to install solar panel systems. Some of the cost factors driving this growth include government incentives. Many governments offer financial incentives and tax breaks for businesses that install PV solar systems, which is helping to drive adoption in the C&I segment.