The solar energy industry continues to accelerate as companies, states and local governments seek to reduce their carbon footprints. Solar energy is expected to account for 39% of all new electricity-generating capacity in the United States in 2021, according to projections from the U.S. Energy Information Administration. Installations planned over the next 10 years would quadruple the current amount of solar capacity in the country, opening even more opportunities for renewable energy companies and others in this space.
Cost and incentives are two major forces driving this growth in the solar energy industry, especially as the Biden administration targets growth in renewable energy. The current investment tax credit (ITC) for the solar industry provides a federal credit of 26% of the total cost of a solar panel system minus cash rebates, and President Biden has requested maintaining those credits for fiscal year 2022. There is also $100 billion in Biden’s infrastructure proposal for power grid investments, including an extension of the ITC program for 10 more years.
Companies (typically those with existing solar capabilities) need to position themselves for growth in the solar energy market, and Microsoft Dynamics 365 Field Service—which dispatches mobile workforces to take on maintenance and other tasks—can help businesses navigate the increased maintenance needs that come with these opportunities. Here’s how: