According to a report by Clean Edge Press reported that solar will provide 10% of US electricity in just over a decade. To get there, the report issues a plan for utility companies, solar provides, and local, state, and federal government:
- Utilities: With the US working on the “Smart Grid”, the report encourages utility companies to implement solar while creating the “Smart Grid”
- Solar Providers: Continue to bring down the cost per watt of solar to become more competitive with fossil fuels
- Government: continue to pass policy that provides long-term investment in solar power.
There are good signs coming from the solar industry. With the price of solar decreasing every year combined with the increasing cost of fossil-fuel based electricity, solar will be a cost-viable option by 2015. By 2015, it is projected that solar can be installed for just over $3/watt (currently costs $6-$7/watt).
Although the investment to provide 10% of electricity from solar by 2025 is not cheap (~$500 billion), utility companies currently invest nearly $70 billion/year in building new and updating existing power plants. If utility companies play their cards right, they can help encourage home and business owners to install solar. This will reduce the installation costs of solar to every party involved.
Currently, solar provides just one tenth of a percent (0.1%) of United States electricity. To have growth to 10% by 2025 provides a unique growth opportunity for businesses in the solar industry.