Solar energy capacity surpasses 10GW in the USJuly 15, 2013
US passes major solar energy milestone
Solar energy has been making strong progress throughout the U.S. in recent years. The country has adopted an aggressive energy policy that calls for the pursuit of various forms of power, and solar energy has established itself as one of the country’s most supported forms of clean power. NPD Solarbuzz, a solar market research firm, has released a new report showcasing the growth that solar energy has made in the U.S., highlighting the country’s growing capacity.
Report shows that the US solar market continues to grow
According to the report, the U.S. has passed the 10 gigawatt solar energy capacity milestone. The report suggests that this establishes the U.S. as a maturing solar market. Much of this growth is due to the strong support that this form of renewable energy has received since 2010, when photovoltaic panels began seeing rapid manufacture and adoption throughout the country. Solar energy had been seeing growth before 2010, of course, with the photovoltaic market boasting of a compound annual growth rate of 50% since 2007.
Accelerated growth predicted for the next 18 months
The report shows that 83% of the country’s 10 gigwatt capacity was installed within the past 14 quarters. In the first half of 2013 alone, some 1.8 gigwatts of solar energy capacity came online in the U.S. The report predicts that the U.S. solar market has yet to hit its peak, suggesting that the market will experience an accelerated growth over the next 18 months. Much of this growth will be driven by the strong support the federal government has been showing the sector as well as the dramatic fall in the price of solar technologies.
Falling prices make it easier to adopt solar energy
Falling prices for photovoltaic panels and other such technologies has made it easier for consumers and businesses to embrace solar energy throughout the country. The costs of these technologies are expected to continue falling for the foreseeable future, despite some trade disputes that have arisen between Europe and Asia.