GTM/SEIA report: US solar market set for record-breaking fourth quarter

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
The US is projected to install over 3GW of capacity in the fourth quarter of 2015. Image: GTM Research / SEIA

A new report from GTM Research and the Solar Energy Industries Association (SEIA) forecasts 2015 as the biggest year ever for US solar with record-breaking estimates for the fourth quarter.

According to the report, titled U.S. Solar Market Insight Report, Q3 2015, the US installed 1361MW of PV capacity in the third quarter of 2015 — standing as the eighth consecutive quarter in which the US has installed over 1GW of capacity.

Cory Honeyman, GTM Research senior solar analyst, said: “This past quarter marked the calm before the storm. The one-gigawatt mark for quarterly capacity additions will serve as a distant floor as project developers ramp up installations in the next five quarters before the planned step down of the 30 percent federal Investment Tax Credit (ITC).”

GTM Research expects this upcoming fourth quarter to be the largest in history for US solar, with more than 3GW of capacity installed. Looking ahead, total PV installations are projected to nearly double between now and the end of 2016 — bringing the national total to 41GW.

The utility-scale market continues to lead the way for US solar, as it makes up 42% of PV installations developed in the US, while residential accounts for 41%. As a whole, the residential solar sector hit a new quarterly record as it grew 69% year over year.

The report also noted that the US solar market is expected to grow 19% over 2014 and will reach 7.4GW by the end of 2015.

Rhone Resch, president and CEO of SEIA, said: “Year after year, we’re seeing the demand for solar energy in America skyrocket, and the benefits that brings to both our nation’s economy and environment are staggering. “As we gear up for what’s expected to be an unprecedented year for our industry, and nation, this report reveals just how important it is to maintain smart, effective, forward-looking public policies, like the ITC.”

Read Next

January 17, 2022
US independent power producer DESRI is planning to raise up to US$100 million in an initial public offering (IPO) that will see the company listed on the Nasdaq.
January 16, 2022
The US Government has appealed against the reinstatement of an exemption from Section 201 tariffs for bifacial modules.
PV Tech Premium
January 14, 2022
Raising more than US$1 billion in equity capital in the past year, US independent power producer (IPP) Silicon Ranch is looking to expand its model of developing, owning and operating large-scale PV plants while maintaining a strategy of co-locating projects with regenerative agriculture.
January 13, 2022
Solar developer Invenergy has partnered with US-based investment platform Lafayette Square to form a joint venture (JV) that will develop and operate PV plants primarily serving low- to moderate-income (LMI) communities and areas disproportionately affected by the clean energy transition.
January 13, 2022
Lightsource bp has closed on a US$533 million financing package for the development of 480MW of solar PV across the US as the company continues to expand its operations in the country.
January 13, 2022
Proposed net metering (NEM) rules in California that would add a US$8/kW per month grid access fee for residential solar systems have been described as “regressive and out of touch with reality” by a NEM policy expert.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
January 26, 2022
Free Webinar
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal