5 Solar Energy Predictions for 2016

It is not a secret that oil prices have fallen significantly in 2015. For many this was a blessing, however, business in general is suffering. Job market also is under the pressure since many workers in the U.S. lost their jobs or had their monthly wage lowered. While those who drive typical vehicles are celebrating because of ridiculously cheap petrol, average citizens feel like they are in a recession.

Experts state that the situation will not change much this year either. A barrel of Brent Crude will be around 53$ which is 46% from 2014. These changes are disturbing and damaging for the economy. However, it is not the only reason why conscious minds should be alarmed.

Consequences of Oil Prices

Because oil is so cheap, people use more instead of being efficient and spare natural resources. While the majority enjoys energy blessing, people who choose greener lifestyle are concerned about the future of our planet. This is the reason so many homeowners look for a reliable solar cell company to help them solve the energy problem once and forever.

Energy specialists cannot tell for sure how long oil will remain this accessible. The more we use today, the less will be left for the future generations. Natural resources will end eventually and renewable energy might be the answer we need.

Solar and Wind Expectations

Despite everything, 2015 was also a fruitful year for solar and wind energy enthusiasts. Even though oil may still be dominant, experts claim that state of affairs will change pretty soon. The first step towards renewable was made in Paris at the end of 2015.

Representatives from 96 countries announced that climate change and global warming are two of the most alarming issues today. It is still uncertain whether the U.S. will join the eco-friendly movement or not. For now the government decided to approve spending and tax deal.

This can greatly affect the production and investment tax credit for solar and wind power. The production tax credit for wind energy will be 2.3 ¢/kWh in 2016. Experts predict that it will go up in value 20% every year until 2020. As for the investment tax credit for solar energy, it will remain at 30% for both residential and commercial solar PV systems until 2019. Although by the end of 2021 the number may drop to 22%.

Renewable Benefits

However, this does not meat solar production is behind. The technology keeps improving and the efficiency of new solar panels grows rapidly. Existing subsidies are more than enough to make use of solar and wind energy. It is only natural that so many households and enterprises worldwide installed photovoltaic systems and make use of solar powered equipment.

The opportunities for renewable energy are limitless. Right now about 5% of electricity produced in the U.S. is solar and wind. This may seem like a questionable achievement, but keep in mind that in 2005 renewables were only at 0.5%. In general, wind and solar resources have grown 35% each year since 2003.

Predictions for Future

There is a positive tendency and renewable energy grows in popularity day by day. A lot of people attracted by low prices and green benefits of solar energy decide to purchase solar panels. Some even go off the grid to reduce their fossil fuels dependence.

Clearly, that solar and wind revolution cannot happen overnight. It will take a while to explore all possibilities and make average citizens understand potential benefits of solar cells and wind turbines. As for 2016, Photovoltaic market will experience growth, rather than degradation during the year.