Renewable power gives about 20% of america’ electrical energy with wind, water, and photo voltaic. For the previous 4 years, photo voltaic power has been the biggest contributor of latest added capability – 36% in 2019, 41% in 2020, 43% in 2021, and 46% in 2022, with huge contributions already attributed within the first quarter of 2023 (54%). Whereas it’s not the biggest era supply (hydropower and wind energy are nonetheless main by about 405 billion kWh), the growing development fee signifies photo voltaic is on its approach to main the renewable useful resource trade.
In response to SEIA, the photo voltaic trade has skilled a median annual development fee of 24% over the previous decade. This has been in huge half resulting from the price of photo voltaic falling by 50% over the past decade, and authorities incentives serving to to scale back the price of residential programs additional, and rising curiosity in cleaner and extra resilient power amongst customers. The residential photo voltaic market has skilled six years of consecutive file development, rising by 40% from 2021 to 2022.
The Inflation Discount Act, which was signed into legislation in August 2022, is the biggest renewable power invoice in United States historical past. This invoice directs $369 billion in the direction of renewable power options and environmental justice initiatives and is anticipated to have big workforce implications. In response to an evaluation performed by the BlueGreen Alliance, the IRA will end in 9 million inexperienced jobs over the subsequent decade, with 5 million direct and oblique renewable power jobs, and 1.7 million jobs immediately associated to photo voltaic, wind, and different renewable power set up, operations, and upkeep jobs.
Many of those job alternatives will exist in trades roles. Photo voltaic Installers are one of many quickest rising occupations within the nation, anticipated to develop by 27% between 2021 – 2031, in comparison with the typical occupational development fee of 7-8% over the identical time. As well as, electricians are in excessive demand because the nation strikes in the direction of electrification. With extra electricians retiring every year than being changed, the Bureau of Labor Statistics estimates that throughout all industries, together with photo voltaic, we might want to rent 80,000 electricians per 12 months till 2031 to backfill retirements and exits.
With federal and state incentives, and authorities electrification objectives, the profession alternatives in photo voltaic power and different renewable sectors are quick rising and quite a few.
