Solar Energy Sector Continues to Heat Up

An Oklahoma City-based businessman, Duke Ligon founded and manages Mekusukey Oil Company, LLC. Beyond leading the Oklahoma City business, Duke Ligon serves as a co-chair of the Kay Bailey Hutchison Center for Energy, Law, and Business (KBH Energy Center).

According to a KBH Energy Center report, recent technological advances in the field of renewable electricity generation are helping to make this source of clean energy economically viable. Electricity production from renewable sources is projected to increase 72 percent worldwide between 2013 and 2040, according to the U.S. Energy Information Administration.

In the United States, renewable electricity generation is estimated to grow from 13 to 18 percent of the total. Solar power continues to be one of the most promising clean energy technologies, with a projected growth rate of 6.8 percent per year through 2040. Some of the growth is being driven by the lower cost of solar panels and better efficiency. In addition, the Investment Tax Credit (ITC) introduced in 2006 has encouraged rapid growth in the industry.