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Capacity is expected to increase from 129 GW today to 336 GW in 2027, the Solar Energy Industries Association and Wood Mackenzie said. The quarterly update showed that prices continue to rise as the industry faces the same cost pressures that affect every corner of the economy.
In the past decade alone, solar energy has experienced an average annual growth rate of 33%. Thanks to strong federal policies, such as the tax credit for investment in solar energy, the rapid decline in costs, and the growing demand for clean electricity in the public and private sectors, there are now more than 130.9 gigawatts (GW) of solar capacity installed across the country, enough to supply 23 million homes.
The more electricity you want to produce, the more solar panels you'll need, since you'll want to collect as much sunlight as possible. Photovoltaic solar panels require a lot of space and some roofs aren't big enough to fit the number of solar panels you'd like to have.
The renewable energy industry is the part of the energy industry that focuses on new and appropriate renewable energy technologies. Investors around the world have been paying more attention to this emerging industry in recent years.