Home Solar Power Generation In US increased by 26% YOY In 2020 – 91K Million Kilowatt Hours
Finance News

Solar Power Generation In US increased by 26% YOY In 2020 – 91K Million Kilowatt Hours

Rex Pascual Finance News Writer Author expertise
Fact Checked
Fact Checked
Everything you read on our site is provided by expert writers who have many years of experience in the financial markets and have written for other top financial publications. Every piece of information here is fact-checked. We sometimes use affiliate links in our content, when clicking on those we might receive a commission - at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy.
We do our best to help you make intelligent financial decisions. Tradingplatforms.com is compensated if you access certain products or services offered by eToro USA LLC and/or eToro USA Securities Inc. and other brokerage companies. Any testimonials contained in this communication may not be representative of the experience of other eToro customers and such testimonials are not guarantees of future performance or success. This however does not affect our assessments of the brokers, their features, and their overall rating.

Renewable energy has become more mainstream in recent times especially in the US. According to data presented by TradingPlatforms.com, Solar Power Generation in the US increased by 26% YoY in 2020 – producing just under 91,000 Million Kilowatt Hours of solar thermal and photovoltaic (PV) power.

Solar Power Generation In US Recorded A CAGR of 54% From 2010-2020

Solar Power Generation in the US has risen dramatically over the last 2 decades. In the year 2000, the US only generated 493 Million Kilowatt Hours but by 2010, that number had risen to 1212 Million Kilowatt Hours at a Compound Annual Growth Rate (CAGR) of 9.41% from 2000-2010.

The momentum from the first decade of the millennium has continued for a further 10 years, with solar power generation reaching its peak of 90,891 Million Kilowatt Hours in 2020. This gave Solar power generation an incredible CAGR of 53.99% from 2010-2020.

!function(e,i,n,s){var t=”InfogramEmbeds”,d=e.getElementsByTagName(“script”)[0];if(window[t]&&window[t].initialized)window[t].process&&window[t].process();else if(!e.getElementById(n)){var o=e.createElement(“script”);o.async=1,o.id=n,o.src=”https://e.infogram.com/js/dist/embed-loader-min.js”,d.parentNode.insertBefore(o,d)}}(document,0,”infogram-async”);

Residential Sector Record Largest PV Capacity Installations In 2020

The residential sector has recorded a larger number of small-scale solar PV capacity installations than the commercial sector since 2014. Back in 2014, the Residential PV capacity installations amounted to 1.5 gigawatts compared to 1 Gigawatt from the commercial sector – a difference of 40%.

In 2020 the difference between the two sectors had widened to nearly 86% after the residential sector recorded its largest number of solar PV installations in a single year. The residential sector registered installations equivalent to 3 gigawatts compared to the commercial sector’s 1.2 Gigawatts.

Rex Pascual, editor at TradingPlatforms commented;

“Renewable energy has become mainstream in the last two decades especially in markets like China and the US. As technology progresses, small scale solar generation will become even more and more accessible to the average resident in the coming years. This combined with growing awareness around the effects of Climate Change give solar power generation a bright future in the US.”

Rex Pascual Finance News Writer

Rex Pascual Finance News Writer

Rex is an Editor who specializes in creating high-quality content about Esports, Sports, Finance, CBD and Tech. Rex is an experienced SEO writer who is passionate about creating content that is user-focused. 

Before working with Finixio, Pascual worked as a Senior Contributor for GiveMeSport, an SEO Content Executive for Gamesys and a Freelance Write for Write Label. Rex developed his content writing skills while studying at University where he received a Bachelor of International Studies. 

Rex is active in the finance space and uses his industry knowledge to write regular news posts for Trading Platforms. He uses accurate sources to deliver content that is timely, helpful and informative.