In 2016, US solar industry sector generated about US$ 154 billion in economic activity, including wages, salaries, benefits, taxes and fees and direct sales. The revenues in this sector have also grown from US$ 42 million in 2007 to US$ 210 million in 2017. Solar has contributed about 25% of total new power plant capacity installed in 2017. The US solar capacity is over 50 gigawatts, which is equivalent to generating capacity of 50 commercial nuclear reactors.
Solar industry is expected to steadily grow and a foreseeable future can be predicted for this sector. However, recent events such as the solar trade tariff and tax code changes could dampen that trend. According to a recent report, the tariff alone may reduce solar installations by 11 percent from 2018 through 2022.
about 370,000 people in the United States are directly or indirectly employed in this sector, among which around 260,000 people are full- or part-time. About half of this workforce is solar photovoltaic installers. with a median annual salary of nearly $40,000, solar PV installer is currently the fastest-growing job in US.
Nearly 80% solar panels installed in the nation last year were built overseas. China has poured up to $47 billion into tax breaks and incentives to develop what it views as a strategic capability. However, the industry was invented here. these investments reduced the price of solar panels by 80% between 2008 and 2013, along with an abundant supply of cheap skilled labour.
industry stability and growth have been offered by the Solar Investment Tax Credit (ITC). solar has experienced an average annual growth rate of 59% in the last decade. ahead of potential drop down of the ITC, installations surged in 2016. However, an extension in late 2015 has created federal policy stability through 2021.
The cost has dropped by over 70% since 2010 to install solar. This statistic leads the industry to expand into new markets and deploy thousands of systems nationwide. due to increases in module costs, over the second half of 2017, slight upticks in system prices has been witnessed.
US Solar Statistics (2017)
For a more detailed analysis, you can reach out to us at info@iSolarWorld.com
iSolarWorld (iSW) is a one stop destination for solar professionals to access industry data, information, intelligence and insights. We remain committed to provide accurate and updated company data, news, events, projects, finance and information relating to the industry penetration, market insights and competitive intelligence.
The information provided in this website by iSolarWorld is believed to be exact and appropriate to the service level discussed herein. iSolarWorld should not be held responsible or liable for any errors, omissions, diagrams or statements which relate to the content of this website.