Rooftop Solar PV Market Growth, Demand & Opportunities
The rising rate of environmental degradation and the increasing global temperatures because of the large-scale usage of fossil fuels for power production are making people and governments realize that the adoption of renewable and clean energy sources such as solar and wind is not just a choice, but a necessity for saving the planet. As a result, the governments of many countries are implementing various initiatives and policies for promoting the usage of solar energy.
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Additionally, many governments are implementing feed-in tariff policies and renewable portfolio standards (RPSs) and providing tax credits for fueling the usage of rooftop solar PV panels for solar power generation. They are also encouraging the signing of power purchase agreements (PPAs) and the creation of self-sustainable power producing systems, especially in the commercial and residential settings. Private companies are also playing a pivotal role in boosting the adoption of solar PV panels in commercial and residential buildings.
Developing nations such as Pakistan, Nigeria, and India are witnessing soaring sales of rooftop solar PV panels, on account of the rising implementation of favorable government policies in the form of tax credits, feed-in tariffs, and subsidies. Moreover, because of the growing pollution and the deteriorating air quality levels in the major cities of these countries, the governments and regulatory authorities there are enacting strict environmental protection policies that promote the use of renewable energy sources.
Hence, with the ballooning sales of rooftop solar PV panels, the global rooftop solar PV market is expanding rapidly. Between the off-grid and on-grid systems, the usage of the latter has always been higher throughout the world. This is because the integration of rooftop solar PV panels to grids and the subsequent requirement for transport cables, management systems, and meters augment the total cost of installation of the on-grid systems.
Hence, it can be safely said that the sales of rooftop solar PV panels would soar all over the world in the future years, on account of the growing popularity of solar energy and the increasing provision of tax benefits and subsidies by the governments of many countries on these panels.
