The American Petroleum Institute’s annual “Energy Tomorrow” report includes, for the first time, a section on the US solar energy industry.
According to the report, solar is the fastest-growing source of renewable energy in America and has an estimated 20.2 GW of installed solar capacity, with another 20 GW in the pipeline for 2015-2016.
The report says solar’s growth is due, in large part, to public policies, such as the Solar Investment Tax Credit (ITC), net metering and renewable energy standards.
Another thing spurring solar’s rapid growth is price. According to SEIA/GTM Research, national blended average system prices have dropped 53 percent since 2010.
The report predicts strong, continued growth in all sectors of the US solar industry – residential, commercial, utility-scale and solar heating and cooling – over the next two years.