US Solar Market Has Record-Breaking Year, Total Market Poised to Triple in Next 5 Years

Mike Munsell March 09, 2017March 14, 2017835

 

Over the next five years, the cumulative U.S. solar market is expected to nearly triple in size, despite a slight dip expected in 2017. GTM Research and the Solar Energy Industries Association (SEIA) announced these historic figures today with the publication of the U.S. Solar Market Insight 2016 Year in Review report.

On average, U.S. solar photovoltaic (PV) system pricing fell by nearly 20 percent in 2016. This is the largest average year-over-year price decline since GTM Research began modeling pricing in this report series.

“It would be hard to overstate how impressive 2016 was for the solar industry,” said Abigail Ross Hopper, SEIA’s president and CEO. “Prices dropped to all-time lows, installations expanded in states across the country, and job numbers soared. The bottom line is that more people are benefiting from solar now than at any point in the past, and while the market is changing, the broader trend over the next five years is going in one direction -- and that’s up.”

The report forecasts that an impressive 13.2 gigawatts of solar PV will be installed in the U.S. in 2017 -- a 10 percent drop from 2016, but still up 75 percent over 2015. The dip will occur solely in the utility-scale market, following the unprecedented number of utility-scale projects that came on-line in the latter half of 2016, most originally scheduled for completion before the expected expiration of the federal Investment Tax Credit, which has since been extended. By 2019, the utility-scale segment is expected to rebound, with year-over-year growth across the board.

 

To read more  greentechmedia.com

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