According to a new report from GTM Research and the Solar Energy Industries Association (SEIA), the U.S. installed 1,133 MW of solar photovoltaics (PV) in the second quarter of this year. Q2 2014 U.S. Solar Market Insight report finds that more than half-million homes and business are now generating solar energy and they account for nearly half of all solar PV installation in the quarter. The residential market has seen the most consistent growth of any segment for years and its momentum shows no signs of slowing down.
Across the U.S., cumulative PV and concentrating solar power (CSP) operating capacity has exceeded 15.9 gigawatts, enough to power more than 3.2 million homes.
“Solar continues to soar, providing more and more homes, businesses, schools and government entities across the United States with clean, reliable and affordable electricity,” said SEIA President and CEO Rhone Resch. “Today, the solar industry employs 143,000 Americans and pumps nearly $15 billion a year into our economy. This remarkable growth is due in large part to smart and effective public policies, such as the solar Investment Tax Credit (ITC), net energy metering (NEM) and renewable portfolio standards (RPS). By any measure, these policies are paying huge dividends for both the U.S. economy and the environment, and they should be maintained, if not expanded, given their tremendous success, as well as their importance to America’s future.”
Showing continued strength, the utility PV segment made up 55 percent of U.S. solar installations in the second quarter of the year. It has accounted for more than half of national PV installations for the fifth straight quarter. In just two years, the utility segment has quadrupled its cumulative size, growing from 1,784 megawatts in the first half of 2012 to 7,308 megawatts today.
Shayle Kann, Senior Vice President of GTM Research added, “Solar continues to be a primary source of new electric generation capacity in the U.S.” said “With new sources of capital being unlocked, design and engineering innovations reducing system prices, and sales channels rapidly diversifying, the solar market is quickly gaining steam to drive significant growth for the next few years.”
GTM Research and SEIA forecast 6.5 gigawatts of PV will be installed in the United States by the end of this year, up 36 percent over 2013.