So far, 2012 is turning out to be a bright year for solar power. Installations of the renewable energy resource have increased by 69% so far this year, according to Clean Edge’s report Clean Energy Trends 2012.
Since 2010, renewable energy has been growing at an impressive pace – overall about 31%, representing an increase from $188 billion in revenue to $246 billion in just 2 years.
Just by itself, solar power installations have grown to a total of more than 26.5 gigawatts of capacity worldwide. While solar panel manufacturers are not necessarily reaping the benefits of this growth in the industry (due to falling costs), property owners have witnessed more than 50% increase in solar installations.
The United States still has progress to make in this regard, however. Despite being a global leader, the country accounted for less than 10% of the solar work market for 2011. Germany continues to be a leader in solar power.
Part of the reason for the increase in solar power installations recently is attributable to government incentives and tax rebates. In addition, financing tools such as solar leases and property assessed clean energy loans are popular now, but could wane with a shift in local policies.
Notwithstanding the potentially fickle nature of solar power installations, Clean Edge believes that global revenue for solar could reach $130.5 billion in less than 10 years, by 2021.