Before going into details of the topic, take a moment to envision a future where Fort Worth TX has adopted a narrowly focused solar plan and grown to be considered the “Vegas of Solar”. Not completely out of mind, I know.
In addition, hefty incentives from the Texas state join other federal incentives, that remain from President Obama’s administration, to make installing solar systems 50% cheaper in Fort Worth, TX.
But what should residents of Fort Worth expect to see in the future, given current trends?
Despite seasonality hindering forecasts and causing an oversupply last year and decreasing prices making profits suffer, global megawatt (DC) production is expected to keep increasing to record numbers.
The Solar industry world has seen favorable conditions recently with procurement and construction pricing, along with utility fixed-tilt PV system turnkey engineering, expected to plummet the price to below $1.00 per watt (DC).
With 55% of next year’s installation expected to be consumer-owned, there is a bold trend of people preferring to purchase than lease. Due to feasible reasons, consumer ownership of solar installations is expected to soon outpace third-party ownership, and the population of Fort Worth TX should be considering the same.
Solar industry is employing more people than oil, coal and gas combined, according to The Independent, and that’s a strong enough reason to adapt a city’s economic focus toward a more Solar-Friendly environment
The industry is growing at a rapid speed, with a 97% growth recorded in 2016 according to a research conducted by Solar Energy Industries Association. Such growth is a gold mine for visionary and risk-taking people.
Solar Industry is playing a big role in making rural areas more efficient. No other industry utilizes rural lands and helps them grow as much as Solar, mainly because of the irrelevance of location for this industry.
All is not great in the Solar energy, however, as recent demand has shown signs of contraction. Demand has forced prices to drop by as much as 30%, making it unsurprising to see a Solar manufacturing shake out soon, with several firms going bankrupt.
Last but not least, there are major regulatory uncertainties at this point in United States. President Donald Trump has openly called to switch focus back to coal mining, and is thus widely expected to suspend Solar funding on a federal level, in addition to rescinding the Obama Administration’s Climate Action Plan. Things could get quite messy soon.
When it comes to setbacks in this industry, the main players should rather focus on the demand contraction risk that they are facing. If federal funding is rescinded, most states have already established investment plans in this particular industry, and even have target metrics of how much of their energy consumption will be renewable energy in the upcoming years.
Demand however, is the main success factor that this industry needs to survive and succeed.
The positive points far outweigh the negatives, anyway. With decreasing prices, increasing performance of solar energy and overall healthy development of the industry, Solar Renewable energy remains one of most feasible industries to invest on, both financial and personal development wise.