At Revo Home Solutions, our goal is to provide homeowners and businesses with the best and most efficient services in keeping their energy costs as low as possible. We aim to promote the usage of nature’s energy in upkeeping a building’s light and electricity. Solar energy has been proven to be a popular, cost-effective, and green solution for clients across the nation; but unfortunately, 2020 saw an unfortunate decline of installations.
It is important to note that the emergence of the COVID-19 virus in March brought a strong halt in the growth in renewable electricity capacity, causing the first annual decline of installations in over 20 years. Due to the postponement of construction activity, social-distancing precautions, and other financial implications, global solar installations decreased by about 13% in 2020. Prior to issues arising from the pandemic, areas of the renewable energy market were already dealing with financing, policy, and grid integration issues, which the IEA says led to even more “intensifying concerns.”
However, according to research done by the IEA, prospects for the renewable energy market in 2021 seem to be more promising. It is predicted that most of delayed projects will be resumed by the new year, and that the capacity of these solar additions will reach the same levels as shown in 2019, given that the government will develop supportive policies and stimulus packages to invest in the renewable energy market. Despite this pandemic postponing production and installations, the demand for renewable technologies is also expected to increase by the new year as pricing for solar panel and batteries continue to decline. In addition, according to reports by company MarketsAndMarkets, the renewable energy market is “projected to reach [the value] of $226 billion by 2021”, despite current events. What would contribute to such a value is SEIA projections that installations will “surpass 100 GW” by the time 2021 rolls around, which would the highest recorded installed capacity since 2019. Depending on the pace of our economy’s recovery, we expect that 2021 will be the year of resilience for the renewable energy market. If you’re looking to switch over to solar energy in your home, give Revo Home Solutions a call today.