Breaking: U.S. Solar Market Growth Spikes, Doubling Its Market Size
According to new data released today by GTM Research and The Solar Energy Industry Association (SEIA) at the Solar Power International Conference 2012, the U.S. solar market achieved its second best quarter in history, having installed 742 megawatts of solar power. It also had its best quarter on record for the utility market segment.
The report, issued by the Solar Energy Industries Association (SEIA) and GTM Research, also revealed the following:
Solar PV system prices continue to fall, bringing the market ever closer to the point where residential and non-residential demand is driven more by solar radiation and retail electricity prices than state-level incentives.
The Residential Market is Shining Brightly
The residential third-party financing model continues to gain steam in every market where it has been introduced.
Solar PV Up More Than 100% Since 2011
Solar PV installations totaled 742 megawatts (MW) in Q2 2012, up 45 percent from Q1 2012 and 116 percent over Q2 2011
A Bright Quarter for Solar
Here are some other key findings:
- This past Q2 2012 was the largest quarter ever for utility solar PV installations, as more than 20 projects were completed, totaling 447 MW.
- As of the end of Q2, there is a cumulative 5,161 MW of PV capacity spread amongst nearly 248,000 individual systems operating in the U.S.
- GTM Research forecasts that 3.2 GW of PV will be installed in the U.S. in 2012, up 71 percent over 2011
What a great way to kick off the week at The Solar Power International Conference! Be empowered and go solar!
Review the complete U.S. Solar Market Insight Report Q2 2012 now.