Localized economic and environmental benefits of residential solar in the United States

G.F. L'Her, A.G. Osborne, R.R. Flanagan and M.R. Deinert

Renewable Energy, 2024, vol. 226, issue C

Abstract: Between 2010 and 2020, residential solar installations grew at an average rate of 42% per year in the United States with subsidies and promises of rapid payback times contributing to adoption. However, the relationship between geographically localized economic drivers, adoption of residential solar energy, and the impact on carbon emissions remain poorly quantified. Here we assess the geospatial variations in economic payoff and carbon offset within the United States and propose a more efficient geographical roadmap for subsidies focus. The results show that the economic benefits of residential solar depend strongly on local electricity prices and energy mix. We find favorable economics in some regions with low solar irradiance and some sunny locations where residential solar will not be competitive relative to local electricity prices. Similarly, the reduction in the carbon footprint of electricity generation that the adoption of residential solar could provide varies strongly by location. We also identify optimal places for policy deployment and provide helpful data to allow for informed decisions by policymakers.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:renene:v:226:y:2024:i:c:s0960148124004981

DOI: 10.1016/j.renene.2024.120433

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