The “State of American Energy Report” by the American Petroleum Institute (API) released in January 2015 has once again highlighted the importance of utilizing solar energy to sustain the future of America. The report includes a detailed section on the rapid growth of the U.S solar energy industry as a whole as well as the impact it has on both the economy and the environment. Furthermore, the report’s finding regarding solar’s immense growth within the United States of America has been confirmed by the Solar Energy Industries Association (SEIA).

Report finds U.S solar capacity capable of powering 4M homes

“Today, the U.S. has an estimated 20.2 GW of installed solar capacity, enough to effectively power nearly 4 million homes in the United States – or every single home in a state the size of Massachusetts or New Jersey – with another 20 GW in the pipeline for 2015-16.”

“Solar energy is now more affordable than ever. According to SEIA/GTM Research, national blended average system prices have dropped 53% since 2010. Today, the solar industry employs 143,000 Americans and pumps more than $15 billion a year into the U.S. economy. This remarkable growth is due, in large part, to smart and effective public policies, such as the Solar Investment Tax Credit (ITC), Net Energy Metering (NEM) and Renewable Energy Standards (RES).”

The impact that solar energy has on the environment has been just as positive, as it aided in offsetting almost 20 million metric tonnes of CO2 emissions during 2014. This is the equivalent of four million cars less on the roads, which essentially save 2.1 billion gallons of petrol.

Solar boom creating jobs and benefitting environment as well as the economy

“When looking at America’s energy future, solar can be a real game changer, providing more and more homes, businesses, schools and government entities across the United States with clean, reliable and affordable electricity, while also helping states to meet proposed new obligations under Section 111(d) of the Clean Air Act.”

The most important aspect to take from the report would be the prediction of great growth within all sectors of the U.S solar industry including commercial, residential, utility-scale as well as heating and cooling over the next two years.

“It’s a remarkable transformation that has been made possible because America is uniquely rich in energy resources, a talented workforce and cutting-edge energy technologies” said API President and CEO Jack Gerard. He restated that the USA is in the middle of a new epoch regarding domestic energy abundance by the rapid rise of renewable energy sources as well as an increase in oil and natural gas production which strengthens the economic future of the country.

SEIA President champaions solar energy as America’s greatest success stories

“Solar energy is one of America’s great success stories,” said SEIA President and CEO Rhone Resch. “Last year, solar installations were 70 times higher than they were in 2006 – and today there’s nearly 30 times more solar capacity online nationwide. We’ve gone from being an $800 million industry in 2006 to a $15 billion industry today.

The price to install a solar rooftop system has been cut in half, while utility systems have dropped by 70%. It took the U.S. solar industry 40 years to install the first 20 GW of solar. Now, we’re going to install the next 20 GW in the next two years.

In fact, during every single week of 2015, we’re going to install more capacity than what we did during the entire year in 2006. Any way you look at it, solar energy is paying huge dividends for the economy, our environment and America’s future.”

Photo by: Green Energy Futures – David Dodge on Flickr