Will Solar Companies Go Out of Business by 2040?

By 2030 it is projected that 1/7 of US homes will have Solar, and if we follow the same growth curve almost half of homes in the US will have Solar by 2040. One question I always asked myself was what will happen when most homes in America will already have solar? Will it be redundant to have so many solar companies and reps if everyone already has it? The truth is, many companies will go out of business, but those who evolve will stay. That's been the rule of the market for centuries. Here's a few reasons and ways Solar companies can keep going even decades from now in the future?

1. The Inevitability of Maintenance and changes

Solar panels are durable but have a finite lifespan of approximately 25-30 years. As technology continually evolves, homeowners will inevitably seek to replace or upgrade their current panels. This cyclical nature of upgrades ensures a consistent demand for solar companies' expertise and an area companies can capitalize in.

2. Broadening Horizons Beyond Residential Spaces

Beyond residential installations, there's a vast landscape of commercial, educational, and public infrastructures awaiting solar integration. The potential for growth in these sectors is immense, it's a blue ocean waiting to be taken.

3. The Imperative of Energy Storage

As solar adoption increases, the efficient storage of surplus energy becomes paramount. Energy storage solutions, particularly batteries, represent the next frontier in renewable energy. Solar companies at the forefront of this innovation will undoubtedly play a pivotal role.

4. The Global Context

While our focus is predominantly on the U.S., it's prudent to recognize the global potential for solar energy. Numerous regions worldwide are in the nascent stages of solar adoption, presenting American solar companies with expansive opportunities for international collaboration and growth. Canada for example, is one of those places where Solar is virtually non-existent at the moment. If US companies could find a way to set up a base there, they'll be in a really good position.

5. Integration with the National Grid

Homes equipped with solar installations have the capability to contribute excess energy back to the national grid. As this becomes more commonplace, there will be a growing need for expertise in managing and optimizing this energy exchange, further solidifying the relevance of solar companies.

6. The Continual Evolution of Solar Technology

The realm of solar energy is characterized by relentless innovation. From advancements in panel efficiency to the development of novel solar applications, there's a perpetual influx of new knowledge and technology. Companies that remain attuned to these innovations will undoubtedly thrive.

Conclusion: Things will change, but those that evolve will survive and thrive