HOUSTON, Feb. 3 (UPI) -- Solar power progress in the United States is expected to advance to record levels as prices decline and technology improves, Wood Mackenzie finds.
Energy consultant group Wood Mackenzie finds it's getting cheaper to install solar power components. With this, new solar capacity has evolved from a niche renewable sector to something that's pressuring conventional business models in the utility industry.
"Just as shale extraction technologies reconfigured oil and gas markets, no other technology is closer to transforming power markets in a similar fashion than distributed and utility-scale solar," Prajit Ghosh, research director for American renewables research, said.
The U.S. government is supporting solar development through its SunShot initiative, which aims to make the renewable technology competitive. The program aims to move solar power capacity from less than 1 percent of the national electricity supply to 14 percent by 2030.
Wood Mackenzie finds new materials and applications, like roof-top and window installations, are expected to have an impact on future solar development.
"While the potential for solar energy penetration could be much larger in North America, reliability concerns, legal statutes, and other factors could limit growth prospects," Ghosh adds.
A shadow was cast over the federal solar program with the 2011 bankruptcy of Solyndra, which received more than $500 million in federal loan guarantees.
The Energy Department said there's enough solar power installed on the U.S. grid to meet the energy demands of 3.2 million average households.
