The cost of developing solar power sites has decreased consistently, making it affordable for companies and communities alike. More importantly, solar has emerged as a low-cost energy option compared to other sources, including traditional fossil fuels. Contact online >>
The cost of developing solar power sites has decreased consistently, making it affordable for companies and communities alike. More importantly, solar has emerged as a low-cost energy option compared to other sources, including traditional fossil fuels.
International Renewable Energy Agency (IRENA) data suggests solar energy’s weighted average LCOE was 56% less than the least-cost weighted average fossil fuel in 2023. And as technology improves, solar costs could keep falling.
The global data is encouraging, but domestic stats are even brighter. According to the Department of Energy (DoE), solar generates about 5.3% of our nation’s electricity. As you’d probably expect, utility-scale installations provide most of the power.
The Solar Energy Industries Association (SEIA) tracks more than 7,200 solar projects nationally, totaling more than 250 GWdc. Of those in the system, about 137 GWdc are in operation, while the rest are under construction or development.
And these installations aren’t one-size-fits-all solutions, either. Projects come in all shapes and sizes and depend on several factors, including size, location, purpose, and end users. Newer installations are also more technical, opting for battery storage to maximize each day’s energy.
But what is considered a large-scale installation? According to the Energy Information Administration, the threshold is 1 MW of electricity. Using this as our yardstick, you’re likely to see one of three types of projects: commercial, community, or utility.
Most buildings don’t utilize their rooftop space, making it an ideal spot for solar panels. If the rooftop isn’t suitable, ground-mounted systems nearby can generate power.
Affordable Energy – Many tax incentives are available through state and federal programs. As the country pushes toward its carbon-neutral goals, these programs are critical for renewable energy adoption. Known as Investment Tax Credits (ITCs) and Production Tax Credits (PTCs), businesses, nonprofits, and governments receive incentives for developing solar projects. Rebates also reduce the cost of solar energy.
Price Stability – With more solar power, businesses see fewer price fluctuations based on energy prices. Years of low-cost renewable power help offset the upfront costs tied to development.
Scalable Energy – When the facility or building expands, so can its solar farm. Adding solar panels generates more power for machines, lights, and electronics.
Self-Sustaining Grid – In an emergency or power outage, buildings can detach from the grid. By acting as a microgrid, the building still has access to electricity, avoiding downtime or potential issues.
These localized projects can be either community-owned or shared. Community-owned installations mean the stakeholders are the owner and the operator – they manage the system and electricity generated. Community-shared projects are more common, as a utility or third party owns the installation. Individuals and businesses then sign up as partial owners or subscribers.
Some people want to support renewable energy but can’t afford to invest in a residential solar system. Community solar lets customers subscribe to or own some of the power generated.
Homeowners renters, businesses, and other groups pay to subscribe to the system. This allows them to have a share of the power generated by the project. Utilities then pay the solar operator for the power, with subscribers receiving credits toward their monthly electric bill.
Community solar is unique because anyone can be an owner. They’re easy to subscribe to, unsubscribe from, and participate in without confusing policies and rules.
Additionally, like industrial/commercial solar systems, community-scale projects can quickly detach from the grid. When emergencies occur, it can become a microgrid, maintaining power for the local area.
While keeping the lights and heat on is great for consumers, utilities also benefit. When systems disconnect from the grid, it’s easier for crews to pinpoint where outages are, reducing overall downtime.
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