2012 proved to be another great year for solar as installations increased 76% in the United States alone, according to a Solar Energy Industry Association (SEIA) report released last week in conjunction with GTM Research.
According to the report, the price of solar dropped 27%, to $5.04/W in the residential market, and $4.27/W in the non-residential market. Rhone Resch, president and CEO of SEIA attributed “Consistent, long-term policies that have helped ensure a stable business environment for the 5,600 U.S. solar companies” to the success of the industry.
The U.S now generates 3.3 gigawatts of electricity from solar panels and comprises 11% of all solar energy installed in the world. By the end of 2012, the U.S. saw 7,221 mW of PV and 546 mW of concentrating solar power come online, enough to power of 1.2 million homes.
Increased growth was seen throughout all sectors of the market – from residential to non-residential. However, utility-scale projects – whose installation prices have dropped to $2.27/W – accounted for over 54% of installed solar in 2012. This could be attributed in part to renewable energy standards (RPS) requiring utility’s to purchase a percentage of their electricity from renewable resources.
California topped all states in new solar installations throughout 2012, exceeding over 1,000 megawatts. Our neighboring states North Carolina and Maryland climbed into the top ten – North Carolina ranked 5th in new solar installations last year, installing 132 mW, while Maryland reached 74 mW, ranking 8th nationally.
The market size of the U.S. solar industry reached $11.5 billion, a 34% increase from 2011 – more proof that the industry is essential to the U.S. economy.
SEIA is expecting another strong year for solar in 2013, predicting that installations will increase 29% to 4.3 gigawatts, accompanied by 946 megawatts of solar thermal power.
Growth in the U.S. solar industry continues to support the nation’s economy while pushing to foster energy independence.
