Since the year 2000, the solar energy industry has experienced exponential growth, transforming from a niche market into a major player in the global energy landscape. Advances in technology and significant cost reductions in solar photovoltaic (PV) systems have driven this expansion. The cost of solar panels has decreased by over 80% in the past two decades, making solar energy more accessible and economically viable. This period also saw the rise of net metering policies and government incentives, such as the Investment Tax Credit (ITC) in the United States, which have played pivotal roles in promoting solar adoption.

Regionally, states like California, Texas, and Arizona have become solar powerhouses due to their abundant sunlight and supportive policies. California leads the nation, accounting for nearly half of the country’s solar capacity, driven by ambitious renewable energy targets and innovative businesses like SunPower, First Solar, and Tesla’s SolarCity. The Southeast and Northeast regions have also seen substantial growth, with states like North Carolina and New Jersey emerging as significant contributors to the solar energy market. Globally, countries like China, Germany, and India have made substantial investments in solar infrastructure, propelling the industry forward and setting benchmarks for renewable energy deployment. The commercial solar energy sector continues to thrive, with companies like NextEra Energy and Sunrun leading large-scale solar projects, further cementing solar energy’s role in the future of global energy.