ENERGY »» CLEAN ENERGY »» SOLAR ENERGY »» May 10, 2021

In the past 10 years, global solar energy installations have grown more than sixfold, from 16 gigawatts in 2010 to 105 gigawatts in 2019. During this time, solar panel prices also dropped from over $2 per watt to just over $0.20 per watt – and this downward trend is expected to continue. Advances in technology are also expected to greatly increase solar panel efficiency. Creative financing, leasing and government subsidies have also contributed to industry growth which is doubling every 3 years. The average cost of an installed residential solar energy system is now $2.64 per watt, and a typical 6kW system costs about $12,000 after claiming the 26% solar tax credit. In 2019, solar energy supplied about 3% of global electricity demand. Critics claim it will take decades for solar energy to compete with conventional power plants. However, supporters say the output of large solar farms now being constructed rival that of small nuclear power plants - without the waste, danger and expense. They also say solar energy is an important step in fighting climate change. Pending Legislation: H.R.1557 - Sunshine Forever Act Sponsor: Rep. Charlie Crist (FL) Status: House Committee on Ways and Means Chair: Rep. Richard Neal (MA)