Solar Power Installations Increase

The power of harnessing the sun's energy; it is definitely a renewable energy source and sunlight is a natural phenomenon and relatively abundant throughout the year, especially in certain parts of the U.S.. However, what prevents solar power from becoming more widespread in the U.S. is the idea of reliability and dependability. In particular, it is true that when the sun does not shine, the energy needs to be stored somewhere and thus far there has been a lack of ability to find a solution for that. Nevertheless, the solar market continues to grow and, in fact, reports show that despite a lackluster economy, sales for solar installations on residences and businesses are up.

In particular, what is remarkable even in a poor economy is that the solar industry, according to the Solar Energy Industries Association (SEIA) is thriving whereby "The US non-residential solar energy market grew 38% in the third quarter (Q3) of 2010 from the previous quarter to 103 MW. More than 27,000 U.S. homes and businesses installed solar energy systems during the quarter." Clearly, harnessing energy from the sun is one of many ways to break the U.S.'s dependence on fossil fuels and it is a good sign that the market share for solar has grown. The reason for such growth, however, is in the form of "state and Federal support (which) are propelling solar growth across residential, commercial and utility-scale market segments in the U.S."

The good news on the renewable energy front, therefore, is the promise of solar energy as evidenced by its large market share growth in the third quarter. Renewable energy is clearly something that needs to be explored and taken advantage of from both an environmental and economic standpoint. The fact that businesses and residences are buying solar panels shows the potential of the industry to grow both today and well into the future. Such growth, however, depends on continued Federal and state support especially amidst a currently poor economic climate.  The current share of solar power relative to fossil fuels is still low, but each little bit of support it can get at both the state and Federal level is beneficial in terms of going a long way toward ensuring its future sustainability as an industry. The 3rd quarter earnings, therefore, were encouraging and should be an impetus for state governments and the Federal government to look into and increase the share of solar energy that the U.S. harnesses. Right now, the share of solar energy is far too low, but with proper continued investments, it can become a much larger source of energy for the U.S.

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