Arizona’s residential solar energy market expected to drive growth
According to a report from Global Market Insights, the U.S. residential solar energy and the solar panel market size is expected to witness significant growth from 2016 to 2023. The report indicated descending solar prices is one of the drivers of the market. Residential markets such as Hawaii, California, Massachusetts and Arizona are expected to experience highest growth rates is residential solar energy and less industry fluctuations during the forecast period, while California is expected to lead the U.S. solar panel market by market size.
According to a another report published by Global Market Insights, the global solar energy market size was valued at over USD 65 billion in 2015 and is expected to exceed USD 140 billion by 2023. The report indicated that increasing environmental concerns such as greenhouse gas emission drives the green energy market. More than 600 GW of power is estimated to be installed over the forecast period. Application of solar energy can be used in both commercial and residential segments. Commercial applications include major installations in hotels, hospitals, and offices. Residential applications include attic fans, batteries and chargers, pool heaters and water heaters.
Solar Integrated Roofing Corporation (OTC: SIRC) announced last week that they have entered into a national agreement with TPO, third-party-ownership and finance company, to enhance their financing options for their solar and roofing customers. “Bottom line, we have basically eliminated any financial roadblocks for our customers to go solar. This agreement will make our expansion into new areas much easier and more streamlined,” said CEO Dave Massey. “Under these types of arrangements, a resident or business hosts a renewable system that is owned by a separate investor.”
The company is working with Sunrun and offering their financing to all of Solar Integrated’s clients. The homeowner simply pays a low, locked-in rate for the power that’s produced, typically saving 20% on their electric bill.
“This arrangement helps us expand our footprint,” added Massey. “Electric utility companies have sent letters to consumers recently, warning of California-Mandated High Usage Charges going into effect next month. These surcharges can dramatically increase electric bills. Our range of financing and TPO options now makes it easy for our customers to decide to go solar, because in every case, they will be saving money from day one. It simply makes no sense to not go solar.”