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US solar spikes 76% in 2012, claiming a tenth of global market

Date
14 March 2013
US solar spikes 76% in 2012, claiming a tenth of global market

NEW YORK: The US hit another landmark in the race to lead the global clean revolution, as a report shows the nation’s solar markets grew 76% last year, to reach a market value of US$11.5 billion.

By the end of 2012, the US cumulatively generated 7.2 gigawatts of solar energy, according to the US-based group Solar Energy Industries Association (SEIA).

Photovoltaic (PV) installations spiked 76% on 2011’s numbers to reach a total of 3.3 megawatts in 2012. This total represents a tenth of the global solar market.

SEIA state that the market value of solar grew 34% to reach US$11.5 billion, with each individual market segment boasting significant growth. It also reveals that installed prices for PV systems dropped 27% in 2012.

The figures add to what is now an historic year for America in its progress towards leading the global clean revolution.

SEIA forecasts further growth in 2013 too, estimating installations to expand another 29%.

Amy Davidsen, US Executive Director, The Climate Group, said: "Improving economics, innovative financing and policy leadership from states like California are making it possible for solar to thrive in parts of the US.

“The progress made in this sector over the past several years has been remarkable, and with the right policies in place at the federal level, the potential for further growth would be even greater."

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