New York, March 18, 2024 (GLOBE NEWSWIRE) — The global solar panel mounting structures market size is predicted to expand at ~12% CAGR between 2024 and 2036. The market is projected to garner a revenue of USD 62 billion by the end of 2036, up from a revenue of ~USD 15 billion in the year 2023.The decrease in costs of solar panels and the increasing market for solar energy have made solar more affordable than ever for consumers.Government initiatives and incentives play an important role in increasing the demand for solar panel mounting structures. Governments provide tax credits to individuals or businesses that invest in solar energy projects. These tax credits reduce the overall cost of installing solar panel mounting structures. For Instance, Governments provide several incentives and financial programs to promote the use of solar panels, such as The Commercial Solar Investment Tax Credit, under which commercial entities can claim a 30% tax credit for qualified solar projects. This credit applies to both the purchase and installation costs of a solar energy system. Additionally, Governments offer subsidies to encourage solar adoption. Those subsidies may help reduce the cost of purchasing and installing solar panel mounting structures. For instance, the Central Financial Assistance (CFA) is provided by the Ministry of New and Renewable Energy (MNRE) for rooftop solar systems (RTS), which is implemented through DISCOMs/state agencies and administered by the State Nodal Agencies/SECI in India.
(GlobeNewsWire)