The U.S. solar energy market is experiencing rapid growth, as highlighted in a recent report jointly released by the Solar Energy Industries Association (SEIA) and GTM Research. The report noted that 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 down in 2013, with an estimated 30% increase bringing total capacity to around 4,300 MW, the long-term outlook remains positive. By 2016, the U.S. PV market is anticipated to see another significant expansion, with more large-scale projects coming online.
As of the end of 2012, cumulative U.S. solar capacity reached 7,221 MW. Eight of the top ten utility-scale projects were already connected to the grid, and the total utility-scale capacity had doubled to 1,782 MW. Additional projects totaling 4,000 MW were under construction, and over 8,000 MW in power purchase agreements had been signed.
California remained the largest solar market, adding 1,033 MW in 2012. Arizona followed with 710 MW, while New Jersey added 415 MW, pushing its total to 1,043 MW—a 26% increase from 2011. Despite a slower growth rate in 2013, New Jersey is still expected to be the second-largest commercial solar market in the U.S. Massachusetts and Maryland also saw notable additions, with 129 MW and 74 MW respectively.
In 2012, the U.S. accounted for 11% of the global PV market, marking the highest share in 15 years. This growth was fueled by continued oversupply in the PV module market, which led to a 27% drop in installation prices. As a result, approximately 90,000 new solar systems were added nationwide.
Residential solar also saw strong growth, with 488 MW of installations in 2012—an increase of 62% year-over-year. More than half of the 83,000 new residential systems were financed through third-party leasing or purchase agreements. GTM Research predicts that this third-party model could reach $5.7 billion by 2016.
The solar thermal market is also set for growth in 2013, with major projects like BrightSource’s 392 MW Ivanpah and Abengoa’s 280 MW Solana nearing completion. These developments are expected to significantly boost the sector.
Small-scale utility projects, particularly those between 1 and 5 MW, are also expected to grow, with North Carolina and California being key regions.
However, the report warns that the rapid growth may not continue indefinitely. With many projects now completed, installations could temporarily decline in the next two years. While new power purchase agreements will continue, utility-scale solar development may slow as companies face new renewable energy standards.
Investors remain confident in the U.S. solar market. In January 2013, Warren Buffett’s subsidiary Sino-U.S. Energy Holdings acquired $2.5 billion worth of solar projects from U.S. Solar Power. Diversification strategies, such as real estate investment trusts, fundraising, and securities issuance, are expected to play a growing role in the industry.
Solar energy has also become the largest job creator in the clean energy sector. In the fourth quarter of 2012 alone, the industry added about 3,300 jobs—more than wind, biomass, biogas, and geothermal combined. Jobs were concentrated in power generation, manufacturing, and energy storage. The growth of the solar market has also benefited related industries, including the auto sector and other clean energy support fields.
Geographically, the West Coast, especially California, has seen the strongest employment growth in the solar industry.
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