BOSTON, March 5, 2014 (GLOBE NEWSWIRE) -- Continuing its explosive growth, the U.S. solar industry had a record-shattering year in 2013. According to GTM Research and the Solar Energy Industries Association's (SEIA) Solar Market Insight Year in Review 2013, photovoltaic (PV) installations continued to proliferate, increasing 41% over 2012 to reach 4,751 megawatts (MW). In addition, 410 MW of concentrating solar power (CSP) came online. Solar was the second-largest source of new electricity generating capacity in the U.S., exceeded only by natural gas. Additionally, the cost to install solar fell throughout the year, ending the year 15% below the mark set at the end of 2012.
At the end of 2013 there were more than 440,000 operating solar electric systems in the U.S. totaling over 12,000 MW of PV and 918 MW of CSP.
FIGURE: New U.S. Electricity Generation Capacity, 2012 vs. 2013 (https://plot.ly/~greentechmedia/46/)
The U.S. installed 2,106 megawatts in the fourth quarter alone, 44 percent of the annual total. This makes Q4 2013 by far the largest quarter in the history of the U.S. market, exceeding the next largest quarter by 60%.
"Perhaps more important than the numbers," writes Shayle Kann, Senior Vice President at GTM Research, "2013 offered the U.S. solar market the first real glimpse of its path toward mainstream status. The combination of rapid customer adoption, grassroots support for solar, improved financing terms, and public market successes displayed clear gains for solar in the eyes of both the general population and the investment community."
FIGURE: U.S. PV Installations and Average System Price, 2000-2013
"Today, solar is the fastest-growing source of renewable energy in America, generating enough clean, reliable and affordable electricity to power more than 2.2 million homes – and we're just beginning to scratch the surface of our industry's enormous potential," said SEIA President and CEO Rhone Resch. "Last year alone, solar created tens of thousands of new American jobs and pumped tens of billions of dollars into the U.S. economy. In fact, more solar has been installed in the U.S. in the last 18 months than in the 30 years prior. That's a remarkable record of achievement."
California continues to lead the U.S. market and installed more than half of all U.S. solar in 2013. In fact, the state installed more solar last year than the entire United States did in 2011. Despite installing the second-most PV in 2013 with 421 megawatts, Arizona didn't live up to its 2012 total of 710 megawatts. On the other side of the spectrum, North Carolina, Massachusetts, and Georgia had major growth years, installing a combined 663 megawatts, more than doubling their combined total from the year before. On the whole, the top five states (California, Arizona, North Carolina, Massachusetts, and New Jersey) accounted for 81% of all U.S. PV installations in 2013.
FIGURE: US SOLAR INSTALLATION MAP
GTM Research and SEIA forecast another strong year in 2014 with 26% growth in the U.S. solar market. This will bring annual installations up to nearly 6 gigawatts and the cumulative total will be just shy of the twenty gigawatt milestone.
Report Key Findings
- The U.S. installed 4,751 MW of solar PV in 2013, up 41% over 2012 and nearly fifteen times the amount installed in 2008.
- There is now a total of 12.1 GW of PV and 918 MW of CSP operating in the U.S
- There were 140,000 individual solar installations in the U.S. in 2013, and a total of over 440,000 systems operating in total today.
- Q4 2013 was by far the largest quarter ever for PV installations in the U.S. with 2,106 MW energized, up 60% over the next largest quarter (Q4 2012).
- More solar has been installed in the U.S. in the last 18 months than in the 30 years prior.
- The market value of all PV installations completed in 2013 was $13.7 billion.
- Solar accounted for 29% of all new electricity generation capacity in 2013, up from 10% in 2012. This made solar the second-largest source of new generating capacity behind natural gas.
- Weighted average PV system prices fell 15% in 2013, reaching a new low of $2.59/W in the fourth quarter.
- We forecast 26% PV installation growth in 2014, with installations reaching nearly 6 GW. Growth will occur in all segments but will be most rapid in the residential market.
- The U.S. installed 410 MW of concentrating solar (CSP) in 2013, increasing total CSP capacity in the U.S. more than 80%.
- The wave of concentrating solar power installations slated for completion at the end of 2013 into 2014 kicked off with the 280 MWac Solana project and the Genesis Solar project's initial 125 MWac phase. In early 2014, Brightsource's iconic Ivanpah project also began operating and SolarReserve's Crescent Dunes project began commissioning.
About U.S. Solar Market Insight:
The U.S. Solar Market Insight: Year-in-Review 2013 report is the most detailed and timely research available on the continuing growth and opportunity in the U.S. The report includes deep analysis of solar markets, technologies and pricing, identifying the key metrics that will help solar decision-makers navigate the market's current and forecasted trajectory.
For more information, visit www.greentechmedia.com/research/ussmi
About GTM Research:
GTM Research, a division of Greentech Media, provides critical and timely market analysis in the form of research reports, data services, advisory services and strategic consulting. GTM Research's analysis also underpins Greentech Media's webinars and live events. Our coverage spans the green energy industry including solar power, smart grid, energy storage, energy efficiency and wind power sectors. www.gtmresearch.com
CONTACT: Mike Munsell, Marketing Manager, GTM Research email@example.com
Source: Greentech Media