More than 1 Lac Homes to be Powered by Next-Generation Solar in USA

October 18, 2023

Department of Energy has taken it's biggest step yet to support solar energy adoption in United States of America.

The solar cell market has a positive outlook. Solar cells, also known as photovoltaic (PV) cells, convert sunlight into electricity and are vital for generating clean, renewable energy.

MarketsandMarkets' analysts estimate that the next-generation solar cell market is projected to reach USD 7.4 billion by 2028, growing at a CAGR of 19.5% from 2023 to 2028.

Cost of solar cells and systems has been decreasing due to technological advances, economies of scale, and improved manufacturing efficiency and Governments worldwide are promoting solar power adoption through tax credits, feed-in tariffs, and renewable energy targets.

The tenfold increase in solar installations post-Hurricane Maria in 2017 indicates a shift towards renewable energy sources, driven by the need for reliable power and resilience against natural disasters.

A $1 billion Puerto Rico Energy Resilience Fund meant to support rooftop-solar access for the medically vulnerable and those living in last-mile communities includes $5 million to 10 million for “consumer protection efforts.”

The DOE's loan guarantee to Sunnova Energy is a strategic move to promote the adoption of solar energy and VPPs across the U.S., with a particular focus on Puerto Rico. The initiative aligns with the broader goal of transitioning to renewable energy sources, enhancing grid reliability, and ensuring that clean energy is accessible and affordable for all, especially disadvantaged communities. However, while the potential benefits are significant, concerns remain, especially regarding the long-term financial implications for low-income households and the competitive dynamics in the solar market. The success of this initiative will largely depend on its implementation, ongoing monitoring, and the ability to address these concerns effectively.

VPPs are helping cities manage energy demand during extreme weather conditions, reducing emissions, and increasing the integration of renewable energy into the grid.

 

MarketsandMarkets Industry News Desk

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DOE's vital step in backing solar power marks progress towards renewable energy adoption and grid reliability.

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