- American households are set to install over 5.3 gigawatts of residential solar capacity in 2022
- The move comes as US homeowners seek to decrease their sensitivity to rising utility costs and weather-related blackout events
- Solar installation costs have come down by 60% over the past decade, with initial installation costs down by a further 30% due to federal tax credits
- GeoSolar Technologies’ SmartGreen
Home system allows households to shift towards renewable energy sources as a source of power, whilst simultaneously decreasing their utility expenses and carbon footprint
Driven by extreme weather and rising electricity costs, American households are on track to install a record number of solar panels this year, decreasing their sensitivity to rising utility costs. Over 5.3 gigawatts of residential solar power capacity are set to be installed in 2022, the single biggest year for new installations, as of the second quarter alone. Solar panel installations were up 40 percent year over year with upwards of 180,000 US homes opting to adding solar panels to their households.
Renewable energy sources like wind and solar have seen their cost structures decline dramatically in recent years, arriving at cost parity with fossil-fuel powered energy sources in several global markets. The decline in renewable energy costs coupled with the recent, exponential rise in fossil fuel prices have…
NOTE TO INVESTORS: The latest news and updates relating to GeoSolar Technologies are available in the company’s newsroom at https://ibn.fm/GST
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