Published on June 11th, 2015 | by Joshua S Hill36
US Residential Solar Market Grew 76% In 1st Quarter
June 11th, 2015 by Joshua S Hill
The US residential solar market grew by 76% in the first quarter of 2015, when compared to a year earlier, installing 437 MW, according to GTM Research and the Solar Energy Industries Association.
In figures released in the latest US Solar Market Insight report published by GTM Research and the Solar Energy Industries Association (SEIA), the US installed 1.3 GW of solar PV across all market segments, despite one of the worst winters ever recorded. And this, despite the fact that the first quarter is normally expected to be the slowest of the four quarters. Nevertheless, Q1’15 still grew 11% over Q4’14.
“Q1’15 provided a clear glimpse into the role that residential sector will play as a primary driver of not only solar market growth, but the overall electricity generation mix,” said Shayle Kann, senior vice president at GTM Research.
“In the first quarter of this year, the U.S. installed more residential solar than natural gas, and solar on the whole accounted for 51 percent of all new electric generating brought on-line. We expect more than 3 million residential solar installations over the next five years, marked by a broader trend toward customer engagement in energy usage, generation and management.”
US PV Installations, Q1’10-Q1’15
“Today’s report reveals just how important establishing and maintaining effective, forward-looking public policies, like the solar Investment Tax Credit, are to America,” said Rhone Resch, SEIA president and CEO. “Solar continues to be the fastest-growing source of renewable energy in the United States. By 2016, the U.S. will be generating enough clean solar energy to power 8 million homes. That means solar will offset 45 million metric tons of damaging carbon emissions — the equivalent of removing 10 million cars from our roads and highways.”