Solar Doesn’t Fade

A family celebrating their new solar panels that were installed on their house.Here are some of the numbers highlighting the market’s impressive growth:

  • • As of the second quarter (Q2) of 2014, photovoltaic systems have been installed on more than a half million homes in the United States.
  • • More than 42,000 systems were installed in Q2 alone, which is approximately four times the 2010 installation rate for that same quarter.
  • • In Q3 2014, installation rates were up  41% over Q3 2013—the nation’s second-largest quarter ever in PV installations.

The solar market growth has been largely attributed to a decrease in material costs and an increase in financing options for potential customers. The U.S. residential market alone exceeded 300 megawatts in a quarter for the first time in history. Even more noteworthy, more than half of this total came on-line with decreasing or no state incentives. Residential continues to be the most reliable market segment, now growing for eighteen out of the past nineteen quarters. Analysts believe that the residential solar segment will exceed non-residential and utility scale segments and dominate the solar market by 2017.