Government policies and geopolitical events have accelerated the pace of adoption of solar energy solutions, enabling commercial and residential customers to transition to solar power at an accelerated rate, notes Tigo Energy.
This company is a global leader in the development and manufacture of smart hardware and software solutions that improve safety, increase energy efficiency and reduce operating costs for residential, commercial and utility-scale solar energy systems.
According to an article published in February 2021 by Greentech Media, a provider of business and renewable energy news from Wood Mackenzie, solar is expected to be the cheapest form of electricity by 2030, with costs declining by 15-25% over the next 10 years.
Greentech Media further estimates that solar will account for approximately 50% of U.S. renewable electricity generation by 2050.
In addition, Wood Mackenzie forecasts that global energy storage will advance at a compound annual growth rate of 30%, reaching a cumulative capacity of 741 gigawatt hours (GWh) by 2030.
Solar energy
Tigo Energy sees the extension of the investment tax credit, production tax credit and advanced manufacturing production credit in the United States in 2022 as creating stability and more investment opportunities for solar and energy storage.
As lower installation costs enable market entry for residential and commercial customers, Tigo is poised to capture additional share in this potentially growing market with its affordable residential energy storage solutions.
The solar energy industry is comprised of three distinct markets. On the one hand, the residential market represents the use of solar energy in private homes. On the other, the utility market represents the use of solar energy deployed by companies that sell energy to homeowners and businesses. All other activities fall under the commercial and industrial market.
For the commercial and industrial solar and utility markets, Tigo Energy combines its MLPE technology with its cloud-based software platform for advanced energy monitoring and control.
Its MLPE products maximize performance, enable real-time power monitoring and provide the rapid shutdown required by module-level codes.
These products are certified to international standards, and the Rapid Shut Down system certified with hundreds of inverters from more than 15 manufacturers.