The Solar Power Market and the Outlook for the Rest of 2021

The Solar power market for 2021 has a bright outlook, and that’s not only for the current year. Projections consistently point to a continued major growth in the solar industry in the coming years too. Despite ongoing issues like the pandemic leading to unstable markets, insiders and observers all agree that the solar power market remains strong. Let’s look at a few of the factors enabling solar power to exhibit resiliency despite global uncertainty.

The Solar power market offers a premium on power savings

Firstly, cutting costs has been one of the main themes everywhere. As people got locked down and businesses shuttered, everyone looks for ways to pinch pennies. Secondly, this is even more pronounced in households that suddenly find themselves staring at bloated utility bills.

Having a solar installation at home definitely helped a lot of households cope better financially during the pandemic. Access to a cheaper solar power market is a big plus with budgets down and costs up. Plus, that’s at least one basic need that’s taken care of so people can focus on other things.

Adapting to Covid-induced consumer behavior

Many people are looking to tighten their belts amidst this pandemic. That’s because prospects are limited, and a good number of people have lost jobs as a result of lockdowns. The solar market has itself suffered from job losses because of shutdowns.

Despite all this, solar companies are helping customers to come on board the solar power market during these difficult times. Firstly, some are offering various sales and promotions with the onset of the pandemic. Secondly, others are allowing deferred payments for new customers. Thirdly, new financing options abound for the benefit of consumers, and these are always highly appreciated. Employing such schemes in a creative and timely manner is encouraging many to come aboard the solar power market. As a result we are seeing a big uptick in fresh installations during these difficult times.

The Solar power market places more emphasis on renewables

In 2020, around 90 percent of growth in global energy was from renewables. The industry saw this trend because investors continued to put their resources into the future of clean energy. With PV capacity in the solar power market poised to outpace natural gas in the next few years, that is money well invested. The result is that the solar power market keeps growing.

Policy pledges and sustained support

There has been a lot of talk about clean energy policies for the current administration in the US. This is just the most recent example of a pledge favoring renewables. The important thing is that governments follow through on the lip service.

Government support via such policies will help spur the growth of the solar power market as well as other renewables like wind energy. One could say that positive action from governments regarding renewables is as important as any technological advance in those fields.

Slow but sure recovery

While solar and other renewables have been resilient as we all deal with Covid-19, there have also been setbacks. Delays in production and development as well as backed-up and stressed supply chains have affected everyone. While Solar PV is no exception, it has been one of the stronger sectors of the economy.

As production picks up again with lockdowns easing, supply chains will move a bit faster as backlogs are cleared. Even with the scaled-back projections, the overall demand for the solar power market should allow the industry to recover fully in due time.

How you too can benefit from the solar power market.

The fact that the solar PV industry have been able to grow even during the roughest stretches of the pandemic can benefit you. It’s a testament to the importance of solar and renewables as a whole and their role for the future. As economies recover and people find their bearings, we will see a continued uptick in solar installations.

Now is the time for you to reap the benefit that solar will bring. Contact Renewable Energy Corporation and find out the amazing advantages that solar energy can bring for your home.