April 5, 2012: New Report Finds U.S. Solar Energy Installations Increased 109 Percent in 2011
WASHINGTON — The U.S. solar energy industry installed a record 1,855 megawatts (MW) of photovoltaic (PV) capacity in 2011, more than doubling the previous annual record of 887 MW set in 2010, according to the latest U.S. Solar Market Insight report. The record amount of solar installations is enough to power more than 370,000 homes, and represents a 109 percent growth rate in 2011. It is the first time the U.S. solar market has topped one gigawatt (1,000 MW) in a single year. In the fourth quarter of 2011 alone, the industry installed 755 MW, up 115 percent from Q4 2010, for a second consecutive record-breaking quarter. GTM Research and the Solar Energy Industries Association (SEIA®) estimate the U.S. solar market’s total value surpassed $8.4 billion in 2011.
According to the report, this growth was spurred in part by declining installed solar photovoltaic (PV) system prices, which fell 20 percent last year on the back of lower component costs, improved installation efficiency, expanded financing options, and a shift toward larger systems nationwide. In addition, the anticipated expiration of the U.S. government’s 1603 Treasury Program, which ended Dec. 31, 2011, drove developers to commission projects before the end of the year.