Residential solar showed impressive growth in 2021
Residential solar growth
2021 was all about Renewable energy sources. However, Residential solar showed the most splendid gains, surpassing the commercial and industrial (C&I) segment for the year.
Residential PV Solar Installation showed a 30% increase in 2021. It grew from 18.9 GW in 2020 to 25.2 GW, which implies that residential PV surpassed the C&I segment for the first time.
The major reason for such an inclination cost. Many commercial projects got postponed or delayed due to an increase in PV module prices. The residential, in contrast, was more insulated from price increases, which contributed to a larger share of overall PV system cost for the end customer.
The PV module cost increased by 57% in 2021 compared to 2020. This was due to a rise in material costs along with shipping costs. Solar has very high expectations this year. It is predicted that 270 GW of renewable energy Installations will be carried out in 2022, despite the fact that PV module prices are increasing. On the downside, 50GW of utility-scale projects have chances to be affected by such price hikes.