The global solar PV market is facing a strong growth trend due to reduced production costs and technological advancements in the industry. Governments and other federal bodies across the world promote the use of solar energy through various financial incentives. The year 2015 is expected to witness continued growth, emerging of newer markets and changes in the production processes.
Here are some of the key global trends predicted for the year 2015:
More organizations will come forward to offer residential solar loans in the US
It is expected that in the upcoming year, more companies in the US will offer residential solar loans that can replace the leases. The government is also expected to reduce the loan guarantee interest to less than 5% thus supporting the wide adoption of solar installations. Also loans will support the additional costs incurred due to non-technology tasks during the installation process.
Prices for solar utilities are expected to lower due to cost effective approaches by the manufacturers
With the advent of larger players into the PV manufacturing sector, existing and new players are expected to adopt more cost effective approaches across the business chain. This cost effective approach coupled with technological innovations will cause a steady decrease in the price of solar utilities for residential and commercial purposes.
The solar manufacturing market is nearing maturation.
In 2015, the solar utility manufacturers are expected to become more standardized thus slowing down the pace for product differentiation. Strong competition among downstream manufacturers will arise as the demand for distributed generation hits high.
The United States will witness an overall growth in residential and commercial solar installations especially in the second tier markets
While California and Hawaii in the United States have showed the highest percentage increase in the penetration of solar power in the recent years, second tier markets such as Florida and Louisiana are also expected to closely follow.
California is expected to showcase the maximum growth in solar power penetration
California is already the largest market for renewable energy in the US. Almost 10 percent of the total energy production in California comes from solar sources. This percentage is expected to increase in the following years and California will be surpassing its international counterparts by a remarkable margin.
Finally, though a number of government subsidies for solar installations have expired, financial innovations from the private funding sectors is expected to catapult the solar installation markets in the upcoming years.
The author of this article has written many posts on solar panels for home. Here he describes how solar panels can change your life in this New Year. Visit sunsourcehomes.net/