Energy is at the center of many conversations about the future. For many years, the main power source for citizens, companies, and governments alike took the form of fossil fuels. Now, as we learn more about preserving our planet and searching for renewable resources, the conversation has turned to other natural energy sources like water, wind, and the sun.

The solar energy industry is a crucial element in this forward movement. The sun can act as a consistent battery, interacting with solar panels and power converters to create power that homes and businesses can run on. Years ago, the solar energy industry had very little funding and not much widespread adoption. Today, however, that trend has shifted. Solar energy is more sought after than ever.

A look at how the industry is growing today can give us a glimpse into the future and how solar power is going to shape our lives going forward. Here is a brief look at how the solar energy industry is growing in 2023.

Residential Adoption

In the early days of solar energy adoption, very few homeowners were interested in investing in this new power source. However, as the technology for solar panels has improved and the cost of production has gone down, it has become more affordable for private citizens to install solar panels on residential properties.

Energy-efficient homes are becoming more appealing to buyers, so this type of upgrade can increase the value of a home, making it an excellent investment for homeowners who plan to sell in the future. Plus, solar panels can reduce utility costs over time, leading to savings. There are even tax benefits in some cases to installing residential solar energy technology. As more homes have begun to adopt solar power for their electricity needs, the industry as a whole has grown exponentially.

Improved Technology

It shouldn’t come as a surprise that an industry heavily relying on new technology is growing as innovations come to light. The latest breakthroughs in solar power cast a promising light on the future of the industry. For example, solar companies can now create panels that track the movement of the sun from east to west. This optimizes the amount of solar power that panels can absorb during the day.

Additionally, solar cells can store more energy and last longer than they did a few years ago. This makes the installation of solar panels more cost-effective as they can provide power for a longer period. Another advancement that should excite hesitant homeowners is solar shingles. As the name suggests, these are roof shingles that contain solar panels that can integrate with the electrical system of the entire home. Many who think of giant solar panels as an eyesore on their properties can benefit from this alternative option.

Increased Efficiency

As time goes on, the efficiency of solar energy continues to improve. In the early days of solar panels, recouping the value of installation with savings could take a very long time because the technology was not nearly as efficient as it is today.

Technology solutions for a climate-neutral future have made it easier for solar companies to design more efficient panels that can withstand the passage of time and external forces while producing more power than in the past. This is incentivizing more businesses to adopt solar power technology to meet policy changes and take advantage of government incentives. This is all possible because solar panel production technology has improved and efficiency is increasing every year.

Government Incentives

Speaking of which, the government has also played a significant role in the growth of the solar industry. With so much focus being on renewable energy, governments across the world are attempting to put their money where their mouths are by offering incentives for solar energy adoption. Business owners can take advantage of tax credits for their companies by investing in solar technology.

Additionally, homeowners now have access to similar benefits, albeit on a much smaller scale, for embracing solar power in their homes. Currently, you can take advantage of a 30% tax credit for solar panel installation for a residential property. These types of incentives are spurring more adoption of solar technology, fueling the demand for this industry.

How Can You Take Advantage?

Whether you are a business owner, commercial property investor, or homeowner, you can take advantage of solar power to improve your financial outlook. Installing panels on the property can create a more energy-efficient building, and there are government incentives to do so.

Business owners can try to reach their climate-neutral goals by investing in this technology, which is improving every day. Research the benefits of solar power on your own and weigh the costs with the potential savings. Renewable resources are the present and the future of the energy industry, and getting in on the action now can result in long-term savings.