According to a study made by Solarbuzz, the United States’ solar photovoltaic (PV) market is to double in 2011. Due to the latest 17 gigawatt solar project, the Port Washington, NY-based research firm is convinced that the US solar PV market will reach 6.4 GW by the end of 2015.
SolarBuzz, a leader in global market research and a consulting firm specialized in the solar energy supply chain, anticipates that the US will account for 12% of the global solar PV market by 2015, up by 5%. This way, the United States will become the third-largest solar PV market worldwide, ranking behind Germany and Italy.
Other important elements that contribute to this growth are the federal investment tax and production credits that will be renewed and also the Treasury Cash Grants program for PV and other renewables.
“With rapid declines in factory gate prices over the past eight weeks as manufacturers and distributors focus on depleting module inventories, demand has picked up across residential, corporate and government segments. This acceleration is being supplemented by explosive utility demand and the rush to install before federal cash grants are scheduled to expire at the end of the year,” said Craig Stevens, Solarbuzz president.