How Long Do Industrial Solar Panels Last? And Why Now’s the Time to Invest
Solar energy is especially beneficial for many industrial applications because of their high-energy consumption requirements. But, making the investment to go solar can come with questions. If you’re thinking about making the investment to install industrial solar panels, here’s why now is a great time to go green for your factory.
How Long Do Industrial Solar Panels Last?
Planning ahead is key for any industrial organization. So, of course, we understand you’ll want to know how long your solar investment will last. On average solar panels can last anywhere between 25-30 years and sometimes more, depending on the manufacturer.
As solar panels age, they produce less energy, a normal process called degradation. So, although they may not perform at 100% efficiency after 30 years, they can still produce electricity for decades longer.
Why Now’s the Time To Invest in Industrial Solar Energy
2020 was a record-setting year for the solar industry, and it won’t be the last.
Despite the coronavirus pandemic, installations grew 43% year over year, reaching a record 19.2 gigawatts of new capacity, according to a report from the Solar Energy Industries Association and Wood Mackenzie. By 2030, solar installations are expected to quadruple from current levels.
Although California, Texas and Florida were the top three states for annual solar additions for the second year running, the growth is expected to be spread across markets as customers, utilities, states and corporations all push to decarbonize the grid. From hospitals to government offices and manufacturing units to consumer packaged goods industries, many businesses are taking deliberate measures to enhance their impact, both socially and environmentally.
Take Advantage of the ITC Extension
“The recent two-year extension of the investment tax credit (ITC) will drive greater solar adoption through 2025,” said Michelle Davis, senior analyst from Wood Mackenzie, referring to the tax credits extended last December as part of the coronavirus relief and government spending package. At its current level, the two-year extension of the credit will lead to a 17% increase in solar deployment forecasts between 2021 and 2025.
Despite all of these upward trends, not every installer had the same experience. While residential and utility solar set record installations, project delays related to the pandemic lead to a down year for non-residential solar. Fortunately, the two-year ITC extension mentioned above will help improve that trend over the next few years.
Transform Your Industrial Space Into a PV Energy Operation
Solar energy is here to stay.
As solar panel costs continue to decline and financing solutions become more available, we can expect to see significant uptick in the industrial sector. Any business, whether industrial or commercial, can transform their space into a sustainable energy operation, create long-term savings and show their commitment to a cleaner environment by installing a solar PV system.
Still have questions about installing industrial solar panels for your organization? Ask the KMB solar experts today at 855-755-6234.