Now that there are over 20 gigawatts of cumulative solar capacity operating in the United States, it is hardly foreign to anyone. That number is on pace to double over the next years in our country.
Solar grew 38% from 2013 to 2014 with much thanks to the utility-scale sector and wound up reaching nearly 4 gigawatts. The residential portion of solar not only grew 51% in 2013, but also passed the 1-gigawatt barrier for the first time. On the other hand, the commercial sector wasn’t as fortunate as they actually decreased by 6%.
Capital. The answer to the question above is that the growth of the commercial solar industry has be faced with an obstacle of having limited access to capital. Financing for such projects scare many away due to a lack of standardization throughout the process and high transaction costs determined by the size of the deal.
While 2013 was a growing year for commercial solar, we saw that take a hit in 2014 with a 6% decrease. The obstacles and reasons behind this vary, but range from a tough economy to the hardships in obtaining financing.
Many strongly believe that commercial solar will be making a large comeback in 2016 and beyond. A few key states including California and New York are expected to lead the way while reigniting the commercial sector.
Due to a lack of consistency in the commercial sector of the solar market, society has seen many people be unable to afford the costs associated with switching. EnergyLink understands the difficulty in accessing finance to support solar projects, but want you to know that we have the resources available to make the process easy for you.
We have the resources to give you access to the necessary financing for your commercial solar project. Don’t wait any longer. Contact us today to find more information!