Solar Trends in 2022 and How They Relate to Fasteners

Solar energy has been a fast-growing industry around the world since the mid-2000s, with Mudge Fasteners first launching the Solar Fastener Expert program in 2008. Here’s a look at where it’s headed in 2022.

Experts predict that the solar sector will grow at an average of 13% per year between 2020 and 2030. Forecasters anticipate that approximately 42 million people will work with renewable energy systems by 2050.

The U.S. solar market is expected to hit $22.9 billion by 2025. The Solar Energy Industries Association (SEIA) projects that over the next five years, installations will more than double in solar capacity, surpassing 100 GW by 2022. Over 242,000 Americans were employed in the solar industry in 2019, double the number from 2012.

In December 2020, Congress passed an extension of the ITC (federal solar investment tax credit), which provides a 26% tax credit for systems installed in 2020-2022, and 22% for systems installed in 2023. The tax credit expires starting in 2024 unless Congress renews it. Homeowners will be able to take advantage of the solar tax credit well into 2022, and may even rush to do so, creating higher than anticipated demand in 2022.

Declining prices for solar panels and batteries will continue, attracting new buyers. Over 96 percent of net new energy generation capacity in 2022 will come from solar and wind sources, according to Deloitte. Solar construction costs fell by 37 percent from 2013 to 2017, and analysts predict that the costs of constructing solar power technology will continue to decrease at an average rate of 4.4% each year.

The selection of products powered by solar will expand in 2022. "Solar-powered equipment will be the buzzword in the world," says Solar Power Nation. Generators, phone chargers, speakers, security lights, fans and lanterns can all utilize solar power energy. Outlet-free outdoor equipment will grow as a sector, and create opportunities for solar companies. These items will appeal to people searching for a green option, as well as people who face extreme weather events that create problems like blackouts.

All of the evidence points in the direction of the solar power industry continuing to grow in 2022. As the market matures, manufacturers will need to innovate even more, and fasteners and mounting solutions will be one of the primary drivers of small-scale innovation.

If you’re looking for a supplier of standard stainless steel fasteners for solar installations, mounting hardware for residential or commercial rooftop PV arrays, or even fall protection for solar installers, look no further than Mudge Fasteners. Contact us at (800) 634-0406 to learn how we can help your solar company get it right, right on time.