- Solar is blooming; from 2020 to 2021, residential solar power grew by 34%
- In 2022, Americans are increasingly going solar for environmental, health and financial reasons: 8% of US surveyed homeowners have installed solar panels – up from 6% in 2019 and 4% in 2016
- GeoSolar is poised to capitalize on this growth potential with its SmartGreen(TM) Home system that helps American homeowners tackle both environmental and financial issues at once
In a world unsettled by rising fuel costs and heightened energy uncertainty, solar emerges as part of a potential solution. Consequently, the sector is booming, transforming from a niche investment driven by ecological rather than monetary factors into a new mainstream investment opportunity that seeks to achieve both environmental and economic goals. As a company offering technology designed to harness energy from the earth and sun to power homes without the use of fossil fuels, GeoSolar Technologies (“GST”) appears well-positioned at the front of what may look like an eco-friendly revolution spurring more and more Americans to go solar.
Although residential solar power currently accounts for only a fraction of the total US electricity, the sector has continued to snowball over recent years. This includes a period of considerable disruption due to obstacles such as COVID-19-related supply chain challenges and import restrictions. From 2020 to 2021 only, residential solar power grew from 2.9 gigawatts to 3.9-gigawatt installations, which makes a 34% growth rate (https://nnw.fm/PEYmk).
With new legislation that enables larger investments in renewable energy and measures to address climate change, including a 30% solar tax credit, the industry is expected to accelerate its growth. A Pew Research Center survey conducted in January, before the announcement of federal tax incentives, reports that 8% of surveyed homeowners have already installed solar panels – a significant growth from 6% in a 2019 and 4% in 2016. In addition, 39% have given serious consideration to this possibility over the past year. Most homeowners said helping the environment and improving health were their motivations for installing solar panels or considering doing so, while financial incentives also played a part.
But there is a long road ahead of solar, particularly for the residential segment of the sector. According to the U.S. Energy Information Administration (“EIA”), around 3.7% of U.S. single-family homes generated electricity from small-scale solar arrays in 2020 (https://nnw.fm/yZCHw). Compared to large utility-scale solar, which includes facilities such as solar panel farms, residential solar still generates less electricity-and all solar power together generates only a small fraction of the electricity consumed in the US. For example, last year, solar generated just 3% of all utility-scale electricity, dwarfed by natural gas (38%) or coal (22%) (https://nnw.fm/1ncpN).
Notwithstanding its small size, solar adoption in all sectors, from residential to the utility-scale, is expected to explode over the next decade. By 2024 only, the capacity added is expected to rise to a level five times bigger than what was observed in 2020.
Due to its rapid growth, the sector attracts increasing attention from investors. It is estimated that investment in solar could reach $321 billion in 2030, which is almost double the figure of $177 billion expected under current policy, leading to nearly $3.5 trillion in cumulative capital investment in new American energy supply over the next ten years.
As a readily available and renewable energy source, solar could become one of the lowest-cost energy options in the years to come. Confident that the world is in the early stages of what might be one of the most consequential transitions in human history — the shift from a fossil fuel-driven present to a clean all-electric future — GeoSolar seeks to lead Americans toward a greener future. Its SmartGreen(TM) Home system, designed for newly built and existing residences, offers homeowners zero or no utility bills and a healthier carbon-free living environment. With inflation soaring to the highest levels in decades and the threat of climate crisis becoming increasingly palpable, GeoSolar seeks to offer American homeowners solutions that help them save money and help the planet all at once.
For more information, visit the company’s website at www.GeoSolarPlus.com.
NOTE TO INVESTORS: The latest news and updates relating to GeoSolar Technologies are available in the company’s newsroom at https://nnw.fm/GST
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