29 Apr US solar power generation up by 26% in 2020
Solar power generation in the US soared up by 26% year-on-year in 2020, according to data from investor advice service TradingPlatforms.com.
In total, just under 91,000 million KWh of solar thermal and photovoltaic (PV) power was produced last year, as the renewable energy market continued to grow rapidly across the US.
Solar power generation in the US has risen dramatically over the last two decades, with a compound annual growth rate (CAGR) of 9.41% from 2000-2010, and – better still – a CAGR of 53.99% between 2010-2020.
In 2020, the difference between residential and commercial sector in the US widened to nearly 86% after the residential sector recorded its largest number of solar PV installations in a single year.
TradingPlatforms editor Rex Pascual said: “Renewable energy has become mainstream in the last two decades especially in markets like China and the US.
“As technology progresses, small scale solar generation will become even more and more accessible to the average resident in the coming years.
“This combined with growing awareness around the effects of Climate Change give solar power generation a bright future in the US.”