- American households are set to install over 5.3 gigawatts of residential solar capacity in 2022
- The move comes as US homeowners seek to decrease their sensitivity to rising utility costs and weather-related blackout events
- Solar installation costs have come down by 60% over the past decade, with initial installation costs down by a further 30% due to federal tax credits
- GeoSolar Technologies’ SmartGreen™ Home system allows households to shift towards renewable energy sources as a source of power, whilst simultaneously decreasing their utility expenses and carbon footprint
Driven by extreme weather and rising electricity costs, American households are on track to install a record number of solar panels this year, decreasing their sensitivity to rising utility costs. Over 5.3 gigawatts of residential solar power capacity are set to be installed in 2022, the single biggest year for new installations, as of the second quarter alone. Solar panel installations were up 40 percent year over year with upwards of 180,000 US homes opting to adding solar panels to their households.
Renewable energy sources like wind and solar have seen their cost structures decline dramatically in recent years, arriving at cost parity with fossil-fuel powered energy sources in several global markets. The decline in renewable energy costs coupled with the recent, exponential rise in fossil fuel prices have led to a dramatic increase in renewable energy demand, a phenomenon which the likes of climate technology company GeoSolar Technologies (“GST”), are seeking to capitalize on.
Home electricity prices are forecast to rise 7.5 percent this year after climbing 4.3 percent last year, according to the US Energy Information Administration (“EIA”) (https://ibn.fm/LJm0G). Meanwhile, the sensitivity of the US electric grid to extreme weather events – in September, Hurricane Ian knocked out power to 2.6 million customers across large swathes of Florida (https://ibn.fm/l6Zej), only days after Hurricane Fiona had caused blackouts in Puerto Rico – has also contributed towards a desire by US households seeking to secure their domestic energy supply.
“You’re going to continue to see some pretty big increases in monopoly utility bills over the next few months and quarters and we’re seeing growth because of that,” said John Berger, chief executive of Texas-based Sunnova, one of the US’s largest rooftop solar installers.
The increased demand for household solar supplies has coincided with a steep decline in solar installation costs. Whilst onerous initial installation costs were a major impediment for homeowners in the past, solar installation costs have now declined by over 60 percent over the past decade, making household solar power systems significantly more affordable. Moreover, the recently passed Inflation Reduction Act has raised the federal tax credit available for new installations to 30 per cent, or about $6,000 off the average system, further defraying initial start-up expenses for households.
“An average-sized residential system has dropped from a pre-incentive price of $40,000 in 2010 to roughly $20,000 today, while recent utility-scale prices range from $16/MWh – $35/MWh, competitive with all other forms of generation,” the SEIA (Solar Energy Industries Association) explains online (https://ibn.fm/BQCFa).
GeoSolar Technologies have sought to build upon the growing move towards solar energy adoption thorough a multi-pronged approach which looks to electrify homes using green energy sources. From solar panels on roofs through to geothermal heat pumps which take advantage of the warmth of the earth’s core and advanced CERV 2 air purification systems designed to manage indoor air quality in an efficient and intelligent manner, GeoSolar’s proprietary SmartGreen™ Home solution has been designed to dramatically increase the energy efficiency of a conventional household.
Moreover, the technology voids the need for households to depend on conventional utilities or pay utility bills. In fact, a study carried out by the company found that a traditional utility-powered home would possess a carbon footprint of upwards of 8 metric tons of CO2/year whilst paying annual utility bills of $2,700; in contrast, a GeoSolar-powered home would result in a negligible carbon footprint whilst disbursing less than $100 per annum in utility bills (https://ibn.fm/1lsnc).
For more information, visit the company’s website at www.GeoSolarPlus.com.
NOTE TO INVESTORS: The latest news and updates relating to GeoSolar Technologies are available in the company’s newsroom at https://ibn.fm/GST
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