I have noticed that solar energy has recently been making headlines. The New York Times reports that "solar power is booming" and that the growth of solar energy will be driven by the following 3 factors:
- Solar module costs are falling sharply
- Governments around the world are strongly supporting solar power due to the fact that it produces neither local air pollutants nor heat-trapping gases
- Integrating solar and wind power into electric grids is proving to be easier than many thought.
Other headlines agree that solar is booming...
CNBC reported today that the United States is celebrating the major milestone of 1 million solar installations nationwide. The New York Times confirmed that installations globally and in the U.S. have grown 28% in the last year.
In fact, the Solar Energy Industries Association (SEIA) and George Washington University issued a report that estimates that the United States will surpass 2 million solar installations by 2018 and 4 million solar installations by 2020. A full copy of the report can be found here.
In addition, the solar industry has become a major source of employment. The U.S. solar industry reportedly employs more than 200,000 workers – roughly three times as many as the coal mining industry. Even the Wall Street Journal recently reported in its article, "As Oil Jobs Dry Up, Workers Turn to Solar Sector," that oil and gas industry workers are transitioning to jobs in the solar industry.
However, the WSJ article also highlights the heart of the issue – the 30,000 jobs the U.S. solar sector is projected to add this year are really only a fraction of the jobs being lost in the oil and gas industry.
While not enough to create employment for everyone who has been affected by the downturn of the oil and gas industry, these energy jobs represent part of a solution.
Some are even referring to this solar boom as a "solar revolution." Although it is difficult to see a sunny-side in the oil downturn, this is good news for the energy sector.
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