New York Governor Andrew Cuomo recently announced the installation of three gigawatts’ worth of solar panels across the state. These new panels can provide power to more than half a million New York homes.
Leading the green energy charge
While New York may not have as many solar panels as other states like California or Texas, that might change in the near future (1).
Since launching a statewide solar initiative in 2011, NYS has seen a 2,100% increase in the number of solar panels across the state. This is around 95% of the state’s original goal.
Besides helping provide green energy to homeowners, New York’s green energy initiatives have also created 12,000 new jobs and helped reduce the cost of solar panels by nearly 70% (2).
An ever-growing trend
New York is one of many regions embracing solar energy. Around the country, the industry has seen an annual growth rate of 42% over the last decade (3).
The United States now has a solar capacity of more than 100 gigawatts, which can power more than 18.6 million homes.
230,000 Americans work in the solar industry, and if industry trends are accurate, then those numbers look to continue increasing.
The massive growth of the solar industry is great news for individuals and businesses hoping to jump on the trend. Costs are now at an all-time low.
In New York, solar costs have decreased by 69% since the state launched its solar initiative. This is representative of the costs around the country, which have decreased by more than 70% in the last decade.
Today, most states offer rebates, tax incentives, and other financial benefits that make switching to solar even more worthwhile. For individuals looking to take the plunge, the solar industry of today provides a lot more risk than it does reward.
As green energy continues to take off, savvy investors are also profiting by investing in solar and other sustainable energy sources. Solar stock has seen massive growth in the past few years.
Benefits everyone can enjoy
So what’s motivating individuals, businesses, and states to invest in solar? A plethora of benefits.
Solar energy only makes up 11% of the renewable energy industry in the United States, but the benefits it provides are causing that number to grow (4). It’s the cleanest source of green energy and also the most abundant.
Solar power also helps homeowners, businesses, and entire regions save money. When people don’t have to worry about using as much electricity from the local or national power grid, their monthly utility bills go down.
When people produce enough solar energy, they can even become energy independent, and their utility bills go down to zero dollars a month.
The green future everyone needs
While individuals can certainly make the switch to solar, experts emphasize that institutions like governments and businesses need to lead the charge.
Hopefully, more states will follow New York’s lead and embrace the Green Revolution. The world depends on it!