The U.S. solar energy market is experiencing rapid growth, as highlighted in a recent report by the Solar Energy Industries Association (SEIA) and GTM Research. In 2012, the country saw a 76% increase in photovoltaic (PV) installations, reaching a record 3,313 MW. This surge was largely driven by the completion of numerous utility-scale projects.
While the growth rate is expected to slow in 2013, with an estimated increase of around 30%, the total installed capacity is still projected to reach 4,300 MW. By 2016, the market is anticipated to see another wave of expansion, with significant increases in PV capacity.
As of the end of 2012, the cumulative U.S. PV capacity reached 7,221 MW. Eight of the top ten utility-scale projects were connected to the grid, doubling the utility PV capacity to 1,782 MW. Additionally, there are ongoing projects totaling 4,000 MW, along with over 8,000 MW in power purchase agreements.
California remained the largest solar market, adding 1,033 MW in 2012. Arizona followed with 710 MW, while New Jersey added 415 MW, bringing its total to 1,043 MW—a 26% increase from 2011. Despite a slower growth rate this year, New Jersey is still expected to be the second-largest commercial solar market in the U.S.
Residential solar also saw strong growth, with 488 MW installed in 2012—up 62% year-over-year. More than half of the 83,000 new systems were funded through leasing or purchase agreements, often by third parties. GTM Research forecasts that this third-party model could grow to $5.7 billion by 2016.
The solar thermal sector is also set for a major boost in 2013, with large projects like BrightSource’s 392 MW Ivanpah and Abengoa’s 280 MW Solana nearing completion. These developments signal a growing interest in concentrated solar power.
Small-scale utility projects, particularly those between 1 MW and 5 MW, are also expected to expand, with North Carolina and California leading the way.
However, the rapid growth may not last indefinitely. The report warns that after the completion of current projects, installations could temporarily decline in the next two years. While new power purchase agreements will continue, utility-scale solar development may slow due to upcoming renewable energy standards.
Investors remain optimistic about the U.S. solar market. Warren Buffett’s subsidiary, Sino-U.S. Energy Holdings, recently invested $2.5 billion in U.S. solar projects. Diversification strategies such as real estate investment trusts, crowdfunding, and securities are also expected to gain traction.
Solar energy has become the largest job creator in the clean energy sector. In the last quarter of 2012, the industry added approximately 3,300 jobs, surpassing wind, biomass, biogas, and geothermal combined. California remains the hub of solar activity, with strong employment growth across generation, manufacturing, storage, and transmission sectors.
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