Rising power prices could drive nearly half of US households to rooftop solar: Enverus

Emma Penrod | Source: Utility DIVE | Posted 09/23/2024

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States with higher retail energy prices, including Texas, California, Florida and New York, will see higher rates of rooftop solar adoption. But installations may not accelerate in states like Iowa and Utah, which tend to enjoy lower power bills, said Kevin Kang, an analyst on the energy transition research team at Enverus.

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An analysis by Enverus Intelligence Research predicts that rising energy prices could lead to 47% of U.S. households installing rooftop solar by 2050, with most installations being paired with storage by 2032. States with higher retail energy prices are expected to see higher rates of rooftop solar adoption, potentially prompting utilities to reconsider their generation mix to accommodate the changes in daily load curves.

Rising power bills and decreasing solar installation costs are anticipated to drive increased residential solar installations in the future. Technological advancements in rooftop solar panels are making them more cost-effective, and interest rate cuts could provide a further boost to the industry. Enverus projects that by 2030, 13% of U.S. households will have solar panels, increasing to 29% by 2040 and nearly half by 2050, with significant solar generation potential in states like California, Texas, and Florida.

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Source Link: https://www.utilitydive.com/news/half-us-households-adopt-rooftop-solar-2050-enervus/727008/

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Rising power prices could drive nearly half of US households to rooftop solar: Enverus

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