2019 Residential Solar Market Conclusion and 2020 Forecast

HaHaSmart Solar NewsJanuary 13, 2020336

 

2019 Residential Solar Market Conclusion and 2020 Forecast

The past decade has been the most vital in regards to solar power. From 2010-2020, there have been more than 2 million residential solar panel installations. A key year for residential solar panel installations this decade has been 2019. 

In the first quarter of 2019, the U.S. Installed 2.7 gigawatts of solar power, the residential sector accounted for 603 megawatts, up 6% from the first quarter of 2018.

The second quarter of 2019 brought continued growth for the residential solar power system market, growing 3% quarter-over-quarter and 8% year-over-year. It was also the fourth consecutive quarter with more than 600 MW of installed residential solar power capacity, suggesting an increase in market maturity and a more sustainable growth profile.

The third quarter of 2019 was significant for residential solar panels, due to it being the largest quarter in history in terms of solar panel installations. There was 712MW of residential solar energy capacity installed, up 18% from the third quarter in 2018 and up 10% from the second quarter of 2019.

As the decade ends we are beginning to get a glimpse of the new decade's composition of the solar market will look like;

New states are climbing up the solar power industry rankings. A recent Wood Mackenzie report found that in Q3 of 2019, not a single Northeast state market ranked within the top 5 states for residential solar panel installations. ever.

The next change is going to be low penetration in key growth markets. In this next decade, it is expected that growth will be driven by a new set of states where the increasing economic competitiveness of soar as an unsubsidized resource is the driving force behind demand. With low market penetration across emerging markets, there will be plenty of headroom growth.

Then there’s California’s home solar mandate. California’s new home solar mandate is going to kick off the next decade on the right foot. The mandate will go into effect on January 1st, 2020 and is predicted to drive over 1 gigawatt of demand over the next five years. California is already the largest residential market, installing nearly 300 MW in Q3 2019.

Looking into the future, it is estimated that in the 20s, diversification will be the defining feature of residential solar power. If additional states pass solar energy mandates, the way that solar panels are sold will shift monumentally. Through all the changes, one thing is clear; residential solar panel installations are becoming a more mature industry as it enters the new decade.

What change do you think will be the most influential in the new decade? Comment below and let us know!

If you’re interested in going solar, see how much you can save by using the HahaSmart price checker tool and you can design your own solar-powered system using the design DIY tool.

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