Growth in solar photovoltaics (PV) markets in the U.S. is maintaining its breakneck pace from 2011, according to the U.S. Solar Market Insight: Q1 2012, a report by GTM Research and the Solar Energy Industries Association (SEIA).
Led by strong growth in the commercial market segment, the U.S. installed a record of 506 megawatts (MW) over the first three months of this year, more than any other first quarter on record.
Furthermore, Tennessee ranked 5th in the US for Q1 2012 growth with about 9 MW installed.
This quarter’s activity brings the total amount of solar PV across America to 4,427 MW. In addition, concentrating solar power (CSP) facilities are providing 516 MW of electric power to the U.S. Together, solar electric capacity reached 4,943 MW in the U.S., enough to power 775,000 households.
“The U.S. solar industry continues to lead the U.S. out of difficult economic times,” said Rhone Resch, president and CEO of SEIA. “Installations have grown by 85 percent in the last year. This growth is coming from consumers who are turning to solar to reduce their energy costs. In states across the country, Americans are waking up to the realization that putting solar on your home or business is a better investment than the stock market.”
Overall, 2012 is shaping up to be another banner year for the U.S. solar market. Tomorrow’s U.S. Solar Market Insight report forecasts total 2012 annual solar PV installations to exceed 3,200 megawatts, 75 percent greater than last year’s total and 15 percent higher than previous annual forecasts for 2012.
To read the executive summary, please click here.