We count on the sun to fuel growth … not only in nature, but also in the solar industry, as an SEIA (Solar Energy Industries Association) report. “U.S. Solar Market Insight Report 2015 Year in Review” concludes that the U.S. solar energy market will grow a whopping 119 percent in 2016. While 2015 yielded a record 7.3 gigawatts (GW) of new photovoltaic (PV) capacity, the industry successful extension of the solar investment tax credit (ITC) is expected to support more than 93 GW of additional PV capacity over the next six years. And it is expected that over the next two years, the U.S. will install 26 gigawatts of solar, which is roughly equal to all of the solar capacity that had been previously installed in the entire history of industry — from the beginning of time to now.
These numbers will make PV the top contributor to new electricity generation capacity in 2016.
Other prognostications over the long-term ITC extension include the following:
By 2020, nearly 100 GW of solar capacity will be operating in the U.S.— enough to power 20 million homes and provide 3.5 percent of the nation’s electricity.
Growth in the solar market over the next five years will lead to the addition of 220,000 jobs. By 2020 roughly 420,000 people will work in the U.S. solar industry.
By 2020, the U.S. solar industry will complete $30 billion worth of installations annually— nearly double the value of installations in 2015, despite expectations of continued price declines.
At the end of 2015, roughly 960,000 homes in the U.S. had installed a solar PV system. The millionth system is expected to be installed very soon.
To help you with your installation and financing of residential solar panel systems, or to help Installers finance and set up systems for their customers, contact your SunLender representative today. Visit www.Sunlender.com or contact Michael Thompson: Telephone: 408-766-9475; Email: email@example.com