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Consumers in the US Going Solar
Apr 24, 2010

The US solar industry, despite of slowdown, managed to experience a remarkable 36% increase in revenues last year; the industry is now geared up to surpass 100,000 PV installations.

According to Solar Energy Industries Association, solar industry in the US recorded 36% increase in its nationwide revenue in 2009, as per the news published by Los Angeles Times.

Notwithstanding the global financial meltdown, US solar capacity grew by 37% in 2009 to reach 2108 MW. Such a growth in the industry is being pushed largely by the utilities. The utilities increased their solar photovoltaic capacity three-fold from 22 MW to 66 MW, with a 17 GW pipeline, enough to power 3.4 Million houses.

California is still at the top with the solar electric capacity of 220 MW, followed by New Jersey, Florida, Arizona, Colorado, Hawaii, New York, Massachusetts, Connecticut and North Carolina.

Furthermore, doubling in capacity from 78 MW to 156 MW, the residential photovoltaic installations too demonstrated considerable growth. However, registering 2% less growth from the previous year, non-residential installations lagged far behind.

According to a market research report titled “Global Photovoltaic market forecast to 2013” by RNCOS, US is one of the world’s leading countries in PV industry developments. The report expects grid-tied PV installations to surpass 100,000 by 2010 and 250,000 by the year 2015, affirming the charisma of the PV industry marketplace in US.

The business last year was supported by steady funds, i.e. solar focused venture capital investment of $1.4 Billion. Not only this, even the government policies, including the Treasury Grant program, a solar investment tax credit, third-party leasing options, and much more, backed the industry.

Declining prices and the emergence of new business models in the marketplace also fueled the industry growth besides strong policies at federal and state level. The US government, last year, lifted its tax credit cap of $2,000 on residential solar panels. This move of the government permitted homeowners to subtract 30% of their overall costs. As a result, the consumers noticed that it was the right time to go solar.

According to a Research Analyst at RNCOS, “2010 might be a breakout year for the solar industry in the US. The solar industry will get a major boost because of clean energy legislation and solar-friendly executive orders, and a comprehensive climate.”

Related Market Research Reports:
Indian Power Sector Analysis
Photovoltaic Industry Analysis and Forecast
Indian Power Sector (2006)