BOSTON, MA and WASHINGTON, D.C. – Continuing its strong growth, the United States installed 1,354 megawatts (MW)[i] of solar photovoltaics (PV) in Q3 2014, up 41 percent over the same period last year. The numbers come from the latest edition of GTM Research and the Solar Energy Industries Association’s (SEIA) U.S. Solar Market Insight Report, released today. According to the report, Q3 was the nation’s second largest quarter ever for PV installations and brings the country’s cumulative solar PV capacity to 16.1 gigawatts (GW), with another 1.4 GW of concentrating solar power (CSP) capacity.
Solar is proving to be an important and growing source of new generating capacity for the United States. Through the first three quarters of the year, solar represents 36 percent of new capacity to come on-line, up from 29 percent in 2013 and 9.6 percent in 2012.
“Solar’s continued, impressive 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),” said Rhone Resch, SEIA president and CEO. “By any measurement, these policies are paying huge dividends for America. Every three minutes of every single day, the U.S. solar industry is flipping the switch on another completed solar project, benefitting both our economy and the environment.”
The report tracks installations across three market segments: utility-scale, residential and non-residential which includes commercial, government and non-profit installations.
Historically, the U.S. utility-scale market segment has accounted for the majority of PV installations, and this past quarter continued the trend. The U.S. installed 825 MW of utility-scale projects, up from 540 MW in Q3 2013. This marks the sixth straight quarter in which utility-scale PV has accounted for more than 50 percent of the national total.
The U.S. residential market exceeded 300 MW in a quarter for the first time in history. Impressively, more than half of this total came online without any state incentive. Residential continues to be the most reliable market segment, now growing 18 out of the past 19 quarters. GTM Research forecasts it to exceed the non-residential segment in annual installations for the first time in more than a decade.
“Residential solar has become a remarkably consistent, growing market” said Shayle Kann, Senior Vice President at GTM Research. “By the end of this year there will be more than 600,000 homes outfitted with solar, and we see no signs of a slowdown next year. By 2017, we expect the residential sector to be the largest in the U.S. solar market.”
The non-residential market continues its struggles of late, due in part to incentive depletion in California and Arizona. Installations in the segment were down 3 percent over Q3 2013. However, GTM Research and SEIA do expect year-over-year growth for the non-residential market.
The report forecasts the U.S. to install 6.5 GW of PV in 2014, a 36 percent increase over the historic 2013.
Key findings from the report:
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About U.S. Solar Market Insight:
The U.S. Solar Market Insight report is the most detailed and timely research available on the continuing growth and opportunity in the U.S. The report includes deep analysis of solar markets, technologies and pricing, identifying the key metrics that will help solar decision-makers navigate the market’s current and forecasted trajectory. For more information, visit www.seia.org/smi
About GTM Research:
GTM Research, a division of Greentech Media, provides critical and timely market analysis in the form of research reports, data services, advisory services and strategic consulting. GTM Research’s analysis also underpins Greentech Media’s webinars and live events. Our coverage spans the green energy industry including solar power, grid modernization, energy storage, energy efficiency and wind power sectors.
About SEIA®:
Celebrating its 40th anniversary in 2014, the Solar Energy Industries Association® is the national trade association of the U.S. solar energy industry. Through advocacy and education, SEIA® is building a strong solar industry to power America. As the voice of the industry, SEIA works with its 1,000 member companies to champion the use of clean, affordable solar in America by expanding markets, removing market barriers, strengthening the industry and educating the public on the benefits of solar energy. Visit SEIA online at www.seia.org.
Media Contacts:
Ken Johnson, SEIA Vice President, Communications: 202.556.2885, kjohnson@seia.org
Mike Munsell, GTM Research, Marketing Manager: 617.500.7764, munsell@gtmresearch.com
Shayle Kann, GTM Research, Senior Vice President: 617.500.4216, kann@gtmresearch.com
[i] Unless specified otherwise, all PV is reported in MW direct current (MWdc) based on array size and all CSP is reported in MW alternating current (MWac) based on power block size. For more information, see http://www.seia.org/policy/solar-technology/photovoltaic-solar-electric/whats-megawatt
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