US Solar Market Grows Despite Difficult Economic Conditions

Despite the global economic downturn, the solar market in the United States grew by 36% in 2009. To date, the United States is the third largest photovoltaic market in the world (behind #1 Germany and #2 Spain). 

The solar market is undergoing constant changes. Also the idea of photovoltaics has been around for over a century, only recently has it become mainstream. In 2009, changes include new companies entering the market, lower-cost panels, and changes in incentives and regulation. Solar companies need to be on top of these changes in order to remain competitive.

California leads the United States in solar installations. It has 53% stake of photovoltaic output. Most of the growth in 2009 came from utility and residential solar installations. Price cuts with minimal declines in incentives provided incentives to homeowners to install solar. In addition, new programs, such as the Pennsylvania Sunshine Solar Program, provided incentive for new companies to enter the solar playing field.

With so many states offering incentives to install solar, the United States is able to keep funding sources relatively disperse. This means that the United States solar market does not have the same risk as the national policies of Germany or Spain.

In addition, 16 states have enacted a Renewable Portfolio Standard. The Renewable Portfolio Standard gives the source of electricity production and requires a set amount of electricity production from renewable sources. Part of this standard is solar electricity production. 

In the next 5 years, the solar market is projected to grow to 4.5-5.5 gigaWatts. One gigaWatt is enough electricity for 70,000 homes. This is 10 times the size of the current solar market. With market growth like this, it is extremely tempting to enter the lucrative (and growing) solar market. 

Wanting to enter the solar market but do not know how? Contact Rich Hessler Solar (949) 208-0221 for ideas on how to enter the solar market.

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