Connect with us

Hi, what are you looking for?

CleanTechnica

Clean Power

Report: Community Solar Market In US Could Be Worth $2.5 Billion In Revenue By 2020

The US community solar energy project market could be worth up to $2.5 billion in revenue by the year 2020, according to a new report from Navigant Research.

The new report notes, though, that the achievement of such a figure would require changes as far as common utility company business strategies go.

To provide some background here for those unfamiliar with the term — “community solar” refers to solar photovoltaic (PV) installations that allow those without sufficient rooftop space of their own for a solar PV system to still source their electricity from solar. A growing number of organizations and utility companies are beginning to offer such services.

Going by the figures provided by the report there was roughly 88.6 megawatts (MW) of community solar capacity installed in the US at the end of 2015.

The primary drivers for the expected growth identified in the new Navigant Research report are continually falling solar PV and installation costs, the relatively easy nature of project development, and the growing use of virtual net-metering. This all combines with a rapidly growing interest in “going solar” among many population sectors.

As the community solar market was valued at around $175 million in revenue in 2015, the increase to $2.5 billion by 2020 would be a rapid one — and would correspond to a community solar project capacity total of around 1.5 gigawatts (GW). The report notes that development costs have been falling by roughly 12% a year for the last 5 years straight — making the predicted surge in development seem reasonable enough.

Interestingly, the report makes the observation that if the traditional utility companies are wanting to get a foothold into the residential and commercial rooftop solar markets that community solar is probably the only reasonable way.

 
Check out our brand new E-Bike Guide. If you're curious about electric bikes, this is the best place to start your e-mobility journey!
 
 
Appreciate CleanTechnica’s originality and cleantech news coverage? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Advertisement
 
Written By

James Ayre's background is predominantly in geopolitics and history, but he has an obsessive interest in pretty much everything. After an early life spent in the Imperial Free City of Dortmund, James followed the river Ruhr to Cofbuokheim, where he attended the University of Astnide. And where he also briefly considered entering the coal mining business. He currently writes for a living, on a broad variety of subjects, ranging from science, to politics, to military history, to renewable energy.

Comments

You May Also Like

Energy Storage

According to a new report from Navigant Research, based on its tracking database of all energy storage projects, there are currently more than 1,420...

Clean Transport

I still find it hard to believe that I am a "early adopter." Soon, I hope I will not be thinking "Why are there...

Bicycles

A new electric bicycle report from Navigant Research suggests that by 2025, e-bike sales could lead to annual revenues of $24.3 billion. The electric...

Energy Efficiency

A new white paper from research firm Navigant Research investigates the transition under way as the lighting industry shifts from traditional lighting sources to...

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.