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US solar market to double new installations to 14.5 GW in 2016

US solar market to double new installations to 14.5 GW in 2016

By BizLED Bureau

June 14, 2016: According to a recent report, the US solar energy market is all set to almost double new installations to 14.5 gigawatts in 2016, headed by utility projects that developers tousled to bring online in expectancy of the conclusion of a chief federal tax credit.

The report further said that solar installations increased by 24% in the first quarter, which accounted for 64% of all new U.S. electric generating faculties during the time.

READ ALSO: US solar market likely to be hit hard by shifting economic forces

Utility-scale schemes were rushed through 2015 on the anticipation that a chief federal tax credit would conclude at the end of 2016. That credit, nevertheless, was furthered by five years at the end of 2015. The expansion will urge over 20 GW of added solar capacity by 2021, although the utility-scale market is likely to contract 2017 and in 2018.

US solar market to double new installations to 14.5 GW in 2016

The report pointed out that utilities in numerous markets are buying solar as an escape against unstable natural gas expenses pointing to the drastic decrease in the cost of utility-scale solar in current years.

On the whole, prices for all solar systems reduced to 8.8% during the quarter. Residential solar installations rose to 34% from the previous year, whereas non-residential installations, for industrial and commercial consumers, increased to 36%.

READ ALSO: Solar-powered Li-Fi technology can revolutionize ‘digital’ India, says Harald Haas

California topped the solar market in the quarter, followed by North Carolina, Massachusetts, Nevada and New York.

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