SEIA & GTM Research Report: U.S. Solar Market Sees Record-Breaking Growth in 2016
SEIA and GTM Research released the U.S. Solar Market Insight 2016 Year-in-Review report today, showing that the solar industry had its biggest year ever, nearly doubling its previous record. The U.S. solar industry installed 14,763 megawatts of new PV capacity in 2016, which represents a 97 percent increase over 2015 and brings the total amount of solar currently installed to over 42 gigawatts. That is enough to power 8.3 million American households.
For the first time ever, solar was the top source of new electric capacity, contributing 39 percent of all capacity installed in the U.S. in 2016. The solar industry will continue its impressive growth over the next few years, and is poised to triple over the next five years. Click below to read more about this record-breaking year in solar!
- In a record-breaking year for solar, the U.S. market installed 14,762 MWdc of solar PV in 2016 – nearly doubling the capacity installed in 2015. Growth was primarily driven by the utility PV segment, which installed more in 2016 than the entire market in 2015.
- For the first time ever, solar ranked as the No. 1 source of new electric generating capacity additions brought on-line on an annual basis at 39%.
- On average, a new megawatt of solar PV capacity came on-line every 36 minutes in 2016.
- In 2016, a record 22 states each added more than 100 MW of solar PV.
- Q4 2016 was the second consecutive quarter that California added more than 1 GWdc of utility PV and the largest single quarter by one state.
- At 19%, residential PV saw its growth slow in 2016 from record growth in 2015 due to second half slowdowns in a handful of established state markets, offset somewhat by the emergence of several new state markets.
- The once-nascent community solar market quadrupled in 2016, playing a key role in supporting the largest year ever for the non-residential PV market.
- GTM Research forecasts that 13.2 GWdc of new PV installations will come on-line in 2017, down 10% from a record-breaking 2016. Utility PV is expected to account for 66% of that new capacity.
- Total installed U.S. solar PV capacity is expected to nearly triple over the next 5 years. By 2022, more than 18 GW of solar PV capacity will be installed annually.
Read the full report by SEIA & GTM Research here