Source: GTM Research, Solar Energy Industry Association
U.S. Residential Solar Overview
Over the past decade, there has been a surge in residential solar installations in the U.S., as the benefits of going solar have become increasingly clear. A tiny market in the early 2000s, residential solar has grown almost 75% annually since 2008 due to significant declines in manufacturing costs and increased economies of scale.
More solar panels have been installed in the U.S. over the last 24 months than in the previous 30 years combined. This rapid growth has been driven by Homeowners looking to save money, increase the value of their homes, help the environment and achieve energy independence. While solar adoption was once inspired primarily by a desire to support the environment, the compelling economic benefits of solar are now a key reason many Homeowners are making the decision to go solar.
Simplified installation processes, coupled with significant cost savings, are supporting the projections for continued high growth in U.S. solar for the foreseeable future. We are accelerating the adoption of solar with our solar loan product, which shifts even more savings to the Homeowner and provides a full service offering, including performance and maintenance guarantees.
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