Forbes magazine writes that President Obama's new power plan will be even more good news for the US solar industry --which is already booming. It should be good news globally since it underscores that solar has come of age from a market viability perspective. We know that solar has arrived in Australia and that most businesses can benefit from solar today, but this also means that solar will continue to grow in attractiveness, something which will support those who have already made a shift into solar and those who plan on installing solar in the future. Here is an excerpt from the article:
Since it was released on August 3, President Obama’s Clean Power Plan has been hailed by many as a major step forward in the fight against climate change. And it is – at least, to the extent that it is upheld.
Still, the plan only covers a fraction of what’s needed to stop global warming. Many questions remain unanswered, and it’s unclear if or when they will be.
One thing President Obama’s sweeping plan did, however, is leave the door wide open for the solar industry, which is already soaring in 2015. A recent report from Greentech Media Research predicts 55 gigawatts of solar will be installed globally in 2015, which is 36 percent more than 2014’s installations. To put that in perspective, a gigawatt of solar is enough to power 750,000 homes, according to CleanTechnica. The prices for solar PV systems have dramatically reduced in the last five years, and according to Deutsche Bank, they are expected to decrease another 40 percent by 2017.
“It could be a major catalyst for solar nationwide,” said Shayle Kann, senior vice president of Greentech Media Research. Apart from the Solar Investment Tax Credit (ITC ), the federal tax credit for solar, the Clean Power Plan is the first national policy for renewable energy.