The residential solar PV market in the United States is expected to be worth USD 9.1 billion in 2020, with a CAGR of 5.6 percent expected from 2021 to 2028.The availability of advantageous net metering legislation and regulations, as well as financial incentives like the Investment Tax Credit (ITC) in the United States, drives the industry.
The reduction in solar PV (photovoltaic) installation prices over the last decade has resulted in the rapid expansion of solar PV in the United States. Furthermore, the availability of simple solar financing alternatives gives a variety of options for residential end-users to select from, propelling the market's growth. The increase in environmental concerns over the increase in carbon emissions caused by the use of conventional fuels for transportation and power generation has driven countries all over the world to seek cleaner and more efficient energy sources. Furthermore, the long-term power generation ambitions of North American countries, including the United States, Canada, and Mexico, have accelerated the development of clean energy technology.
For example, California, New York, Maryland, Nevada, and Massachusetts in the United States, as well as Alberta and Ontario in Canada, have included residential solar PV systems in their current policies and action plans, and have set targets for the deployment of residential solar PV systems in their respective territories. These factors have contributed to the region's home solar PV system industry. Currently, the United States has the largest share of installed residential solar PV capacity in North America. Mexico's government has also set an ambitious goal to cut carbon emissions, aiming for 35 percent of electricity output from renewable energy sources by 2035, with the objective of increasing to 50 percent by 2050. The Mexican government is promoting household solar PV adoption throughout the country. Mexico, for example, had an installed capacity of 173 MW in 2015, which climbed to 4,426 MW in 2019 as a result of the country's favorable laws and regulations.
Increasing demand for renewable-based clean energy generation, along with supporting government policies, incentives, and tax breaks for installing residential solar PV systems, is expected to drive the industry in the area in the coming years. Due to their large-scale green power requirements, companies in the industrial and utility sectors are among the region's top solar PV users. The availability of net metering schemes for grid-connected systems, as well as alternatives to combining battery storage systems for off-grid linked systems, has given the residential and commercial segments a boost.
Top Residential Solar Companies:
Over the last several years, there have been some significant developments, including the emergence of new leaders in solar manufacturing that were previously unknown in the PV sector. JA Solar is aggressively gaining market share, whereas Q CELLS has declined. The question for you as a solar buyer is whether you should worry if your solar panels are manufactured by one of the world's top ten manufacturers. Are American-made solar panels genuinely superior when the bulk of producers are situated abroad? Here is a list of the greatest solar manufacturers from across the world.
LONGi Solar, Tongwei Solar, and JA Solar are the top three global manufacturers.
The majority of solar panels are made in China, although certain businesses in Canada and the United States are gaining ground.
LG Solar, CertainTeed, Q CELLS, Silfab Solar, JinkoSolar, Solaria, and Tesla are among well-known solar panel firms having production plants in the United States. While the place of production is essential to you, you should also consider pricing, efficiency, brand, quality, and other considerations.
Here are the top ten residential solar panel manufacturers in the world, ranked by solar panel shipment capacity in gigawatts (GW):
- LONGi Solar
- Tongwei Solar
- JA Solar
- Aiko Solar
- Trina Solar
- Canadian Solar
- First Solar
LONGI Solar, headquartered in Xi'An, China, is one of the world's major producers of high-efficiency monocrystalline solar cells and panels. LONGI was created in 2000 and will ship 14.7 gigatonnes by 2020. (GW). LONGI is the sole firm to receive the highest bankability grade in PV-Q4 Tech's 2021 bankability assessment. Check out LONGI Solar's supplier profile to learn more.
Tongwei Solar, founded in 2009, is one of the world's largest manufacturers of crystalline silicon solar cells. Tongwei Solar is a division of the huge agricultural product corporation Tongwei Group with four sites in China. They produce polycrystalline and monocrystalline solar cells and panels and expect to export 12.1 GW by 2020.
JA Solar was created in 2005, and its initial production hub was built in Fengxian, China, where they now have their primary manufacturing hub. They manufacture affordable solar panels with half-cell technology that are in the middle of the efficiency scale - however they surpass the majority of their mid-range competitors. JA Solar expects to ship 10.8 GW in 2020.
10.5 GW total shipment capacity
Aiko Solar specializes in producing PERC solar cells. Aiko, based in China, manufactures three principal products: a 210 millimeter (mm), an 182mm, and a 166mm PERC cell, with the 210mm model being the most recent, due to hit the market in 2020.
9.0 GW total shipment capacity
Trina Solar, founded in 1997, is a Chinese solar manufacturing firm that produces solar solutions for residential, commercial, and utility-scale applications. Recent corporate innovations include the introduction of a 210mm silicon cell panel (the Vertex series) and a large-scale solar tracking system.
8.7 GW total shipment capacity
JinkoSolar manufactures a diverse variety of solar and storage solutions for use in solar projects of varying sizes. JinkoSolar has constructed a production facility in Jacksonville, FL to assist fulfill U.S. demand for its goods.
8.3 GW total shipment capacity
Although the name suggests otherwise, Canadian Solar is a solar manufacturer located in Ontario, Canada. Canadian Solar manufactures and distributes inverters and energy storage systems in addition to a wide selection of solar modules.
7.4 GW total shipment capacity
Zhongli is a Chinese technological corporation that owns Talesun Solar (established in 2010), one of the world's leading PV manufacturers. Zhongli/Talesun manufactures bifacial as well as monofacial solar modules.
6.3 GW total shipment capacity
SunTech (or SunTech Power) is a Chinese solar manufacturing firm with 21 years of expertise. They primarily manufacture high-power solar modules for big commercial, industrial, and utility-scale installation projects.
5.5 GW total shipment capacity
First Solar, the only firm from the United States on our list, is also unusual in that it manufactures thin-film solar panels (as opposed to the crystalline panels most other major manufacturers focus on). In its modules, First Solar uses cadmium telluride (CdTe) as a semiconductor.
Best Solar Companies In USA:
For more than a century, the United States depended exclusively on fossil fuels to supply energy. That pattern is changing as people become more concerned about global warming. There is less reliance on coal and natural gas than previously. Consumers are increasingly flocking to alternative energy sources, with solar energy being one of the most popular.
Solar energy is often regarded as the most plentiful source of energy on the planet. Solar panels use the photovoltaic effect to capture the sun's energy. In essence, the sun is a gigantic nuclear reactor that emits enormous quantities of energy to the planet. Solar collectors capture energy, which is subsequently transmitted for usage. Despite being a clean, renewable, and plentiful energy source, it has been sluggish to gain traction. Solar panels are becoming more affordable, making them a more realistic alternative for business and residential usage.
The United States has invested much in solar energy research, and the world's oldest solar power facility is located in California. As the focus shifts to renewable energy, more states are allocating money to make solar energy a priority. Hawaii has gone so far as to declare that by 2045, they would be using only renewable energy.
Who are the solar energy leaders in the United States?
The firms listed below are making significant advances in the domains of solar and renewable energy. They are undoubtedly on the increase and may be expected to grow in the future. This list has been constructed in no particular order.
Juno Beach, Florida
NextEra Energy eclipsed Exxon as the most valued U.S. energy firm in October 2020, which was big news in the solar energy sector. The stock market valued NextEra at $900 million higher than Exxon at the time. This phenomenal development bodes well for the solar and renewable energy fields as a whole, as well as the green movement.
NextEra takes pride in supplying clean energy over most of North America and in developing long-term solutions to evolving energy requirements and wants. In addition to solar energy, the corporation provides wind, nuclear, and natural gas energy.
Avangrid continues to step up to the plate and is positioned to become a key player as the demand for utility-scale solar energy grows. Their vertically integrated method ensures that each consumer receives dependable, cost-effective renewable energy products.
If you've never heard of Avangrid, you may have heard of them under their previous name, Iberdrola Renewables. While Avangrid is headquartered in Portland, Oregon, its parent company, Iberdrola, is headquartered in Bilbao, Spain.
They are a real global behemoth in the area, with the greatest renewable asset portfolio of any corporation on the planet. They concentrate on wind, thermal, biomass, and solar energy in the United States.
Silicon Valley, California
SunPower surged to the top of the commercial solar business in 2017 and has been there ever since. They are a leader in corporate solar power and are proud of their track record of sustainability and responsibility in the field of solar energy. However, solar isn't their sole focus. They are also a diverse organization, offering residential, commercial, and solar storage solutions.
SunPower takes pride in its lengthy experience in the business. "We're the only U.S.-based solar firm that's been around longer than our 25-year warranty," they claim. This firm, headquartered in Silicon Valley, California, has obtained over 1,000 patents for solar inventions.
Cypress Creek Renewables
Research Triangle Park, North Carolina
Cypress Creek Renewables is committed to powering a sustainable future one project at a time. They are well-known in the United States for constructing, financing, running, and owning utility-scale and distributed power facilities. They are one of the country's solar leaders, with more than 8 gigatonnes of solar developed and 2.5 gigatonnes under control.
Cypress Creek aimed to enter the firm headfirst, assisting in policy formulation and regulatory issues from the outset. This means that they are ideally positioned to assist clients with solar and storage projects from conception to completion.
San Francisco, California
EcoPlexus, Inc. offers a comprehensive range of professional services for all phases of solar construction, including development, design, engineering, construction, finance, operations, and ownership. They also serve the commercial, government, and utility industries. This comprehensive, beginning-to-end strategy is one of the reasons they've been so successful.
EcoPlexus has offices in San Francisco, Dallas, and the Raleigh/Durham area of North Carolina. They've also expanded internationally, with operations in Japan, Mexico, Korea, Taiwan, and Vietnam.
They admire their company's variety and global reach since they all share the same objective of cleaner and more affordable energy for the entire planet.
Solar energy and other renewable energy projects are expected to grow substantially in the next decades. The emphasis on green energy and renewable resources is focused on creating a healthy planet and minimizing global warming to the greatest degree possible, which is made possible by technological advancements and tools such as solar panel design software.
Solar technology has now reached the stage where it is a cost-effective energy alternative. This indicates that utilities and household solar are finally at a place where they are less expensive than traditional coal or natural gas-produced electricity.
Now that we've reached this point, the advantages greatly exceed the drawbacks, and the solar energy business will continue to develop and prosper. And, as we've seen recently, traditional energy firms will continue to suffer, with many struggling to survive.