At the end of 2014, worldwide PV capacity reached at least 177,000 megawatts. Photovoltaics grew fastest in China, followed by Japan and the United States, while Germany remains the world's largest overall producer of photovoltaic power, contributing about 7.0 percent to the overall electricity generation. Italy meets 7.9 percent of its electricity demands with photovoltaic power—the highest share worldwide. For 2015, global cumulative capacity is forecasted to increase by more than 50 gigawatts (GW). By 2018, worldwide capacity is projected to reach as much as 430 gigawatts. This corresponds to a tripling within five years. Solar power is forecasted to become the world's largest source of electricity by 2050, with solar photovoltaics and concentrated solar power contributing 16% and 11%, respectively. This requires an increase of installed PV capacity to 4,600 GW, of which more than half is expected to be deployed in China and India.
“As Trump’s Tariffs Raise the Cost of Solar Installations, Elon Musk and Tesla Cut Their Prices” • Tesla, unmoved by tariffs, is reducing prices on its solar systems 10–20% in recognition of the progress it has made streamlining its solar sales process by integrating Tesla Energy products into its existing high-traffic storefronts. [Red, Green, and Blue]
Current Texas solar incentives include generous rebates for solar electric and solar hot water systems. When combined with Federal solar rebates your solar panel installation will be approximately 50% less because of the incentives! Our solar installers will be happy to answer your questions and explain the benefits of solar power. Simply click the image below, fill in the form, and a certified solar installer will contact you by phone at your convenience.
As of 2018, American electric utility companies are planning new or extra renewable energy investments. These investments are particularly aimed at solar energy, thanks to the Tax Cuts and Jobs Act of 2017 being signed into law. The law retained incentives for renewable energy development. Utility companies are taking advantage of the federal solar investment tax credit before it permanently goes down to 10% after 2021. According to the March 28 S&P Global Market Intelligence report summary, "NextEra Energy Inc., Duke Energy Corp., and Dominion Energy Inc.’s utilities are among a number of companies in the sector contemplating significant solar investments in the near-term. Other companies, including Xcel Energy Inc. and Alliant Energy Corp., are undertaking large wind projects in the near-term, but are considering ramping up solar investments in the coming years."
Many industrialized nations have installed significant solar power capacity into their grids to supplement or provide an alternative to conventional energy sources while an increasing number of less developed nations have turned to solar to reduce dependence on expensive imported fuels (see solar power by country). Long distance transmission allows remote renewable energy resources to displace fossil fuel consumption. Solar power plants use one of two technologies: