Rapid Growth in Solar Power Usage Will Continue Strong

  1. Solar electricity is generated during hours of peak energy demand and highest energy cost. This timing benefits solar electric users with lower power cost during peak demand hours, benefits electric utilities by lowering their need to boost output to meet demand, and benefits the atmosphere with reduced carbon pollution.
  2. The cost of solar panels has decreased 80% since 2008.
  3. The average price of a completed commercial PV project has dropped over 45% since 2012. [1]
  4. Of all newly installed U.S. generation capacity in first half 2014, 53% came from solar. [1]

New US Electric Generation Capactiy, First Half 2014
SourceL GTM Research/SEIA, FERC Energy Infrastructure Update, June 2014

Electricity Generation Capacity

  1. Installed U.S. solar PV capacity has grown 800% since 2010 [1]
  2. Installed U.S. solar PV capacity reached an estimated 6.5 GW in 2014 and is forecast to nearly double to almost 12.5 GW in 2016 [1]

U.S. PV Installation Forecast, 2010 – 2016E
Source: GTM Research/SEIA Market Insight Report July 2014

Bar Chart

Notes:

[1] Solar Energy Industry Assn/GTM Research, “Solar Market Insight Report, Q2 2014″