The growing percentage of solar power is not equally distributed across the country. Most of the growth has taken place in the West and Southwest. California is the single largest market for solar energy, which can likely be explained both by the strong environmental ethic there and by the fact that California is one of the largest, most populated states.
While Hawaii and Massachusetts tie for second place, all of the next highest growth states are located in the same general geographic region.
These include New Mexico, Nevada, Colorado, Arizona and Texas. The growth in this area is likely to be due to the favorable climate conditions, i.e., the high number of sunny days. The fact that these particular states are also hot spots for solar power indicates that it is a viable industry in a wide range of politically and economically diverse areas.
However, the demographics of homeowners who purchase and install solar panels does reveal that the market so far has been centered around people with some strong similarities. Solar adopters tend to be high-income families. 50% of them have annual household incomes greater than 100,000, and 25% of them have incomes of 150,000 or more. As the costs associated with producing and installing solar panels continue to fall, it is probably that a broader range of families will invest in them.
Solar adopters have an even stronger likelihood of being well-educated. Almost 90% of them have college degrees, with 40% possessing a Master's or Ph.D. They also tend to be at least in their mid thirties. 90% are 36 are older. Around two-thirds are older than 46. One factor in the age range of those who install solar is the relatively low rate of home ownership among younger adults.
The U.S. is one of the leading forces in solar innovation. It is ranked as the second most attractive nation for investors in solar energy. The demand for solar power is present and increasing throughout the globe however.
Over the past twenty years, the global demand for solar-generated electricity has grown by an average of 30% per year. Currently, the market is experiencing rapid growth. The total photovoltaic capacity of solar panels installed in 2010 was double the amount of those installed in 2009. The size of the worldwide market was 46.3 billion in 2009 and is projected to reach 96.8 billion by 2014.
The most rapid growth has occurred in Germany and Japan. These countries have used strong incentives to stimulate the development of solar power. This has allowed the solar industry to flourish and develop strong networks there. One of the keys to their success has been the creation of dependable infrastructures which inspire consumer confidence and renewed investor enthusiasm.
Solar power has also seen growth in the developing world. The reduced prices of photovoltaic cell manufacture and installation have been key here. The development has been funded through a combination of development aid and local investors. Experiments with using micro-lending as a strategy are urrently being conducted.
