No matter the economy, tax credits/incentives or greenhouse gas emissions and global climate change, there are many factors that could – and do- influence the solar power market. No matter what people say about Solyndra or any other renewable energy company, the solar power market is predicted to grow in 2012.
Last month, Solarbuzz, one of the most prominent solar industry research groups, released its 2011 third quarter report for the North American PV Markets. The report shows that, despite several setbacks this year, the solar power market grew at an impressive rate – 101% over 2010, to be precise! That translates into a 1.9 gigawatt increase, nearly doubling solar power capacity. According to Solarbuzz:
With 811 megawatts of new solar installations projected for the fourth quarter, the North American solar market should grow 32 percent from the third quarter of 2011. According to the Solar Energy Industries Association, the U.S. as a whole added slightly more than 878 megawatts of solar installations in 2010, only 67 megawatts more than the region will add this quarter.
The growth in the solar power market is primarily for residential solar installations, but rooftop solar is increasingly being installed by businesses looking to trim operational costs.