Barker notes that with the US grid reaching a cumulative total of 10 GW during 2013, the country is on course to double that by the end of the year.
In conjunction with declining costs, Barker also notes “a push by project developers to move projects towards completion before a reduction in the federal investment tax credit” as another reason for the growth in the US PV industry.
The growth, as backed by new research featured in the NPD Solarbuzz North America PV Markets Quarterly report, represents “a doubling of cumulative solar PV capacity within two years, with a compound annual growth rate (CAGR) above 50% since 2006.”
As the solar PV industry has matured it has not only become a highly sought after renewable energy, an alternative to the increasingly unattractive fossil fuel electricity sources, but it has also become a highly profitable investment. As a result, solar PV systems have been classed as a low-risk long-term revenue asset, making it increasingly attractive for installers and utility companies, as well as institutional investors and private owners and municipalities.
United States PV Market Set to Reach 20 GW by End of Year
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