Proposal for a start-up company

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This is the marketing business plan for a proposed start-up company on Solar Photovoltaics (PV). The report contains detailed insights on strategic positioning of the company in the current US markets.
It was prepared on my enthusiasm for start-up company in solar PV arena, with the guidance of Prof. Mary Caravella.

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  • Dear Archit Patel,

    Please kindly send me a soft copy (in docs format) of your feasibility report 'Proposal for a start-up company' on my email i.d awaiskhan@ikramsolar.com. I need to use some data for our company's feasibility report to present it to banks in Pakistan.

    Thanks in Advance.

    Best Regards,

    Rana Awais Khan
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Proposal for a start-up company

  1. 1. Marketing Business Proposal For A start-up firm “SunPanels Corporation”Archit S. PatelMBA Class of 2013University of Connecticut
  2. 2. EXECUTIVE SUMMARY:Demand for energy is continuing to rise, and communities are increasingly looking to renewable sources to meet thatdemand with clean, safe, reliable energy sources. Fortunately, many of the key technologies that can unlock the powerof these renewable resources are available in the market today. Rapidly declining prices for solar technologies, incombination with federal, state, and local policy changes, are bringing increasing amounts of solar energy into themainstream.Solar photovoltaic (PV) systems are an attractive part of the U.S. energy portfolio. Findings from Mintel market researchindicate that the American people want solar energy, consistently giving solar energy a 90+% positive rating, the highestrating for any energy option. As a result, large number of commercial organizations, public entities and investment fundsare spending large capitals on installing solar panel systems across the country. The solar photovoltaic industry isexperiencing a large boom in demand, thereby creating tremendous growth potential for new entrants in the industry.This market plan is about a start -up company, called as “SunPanels Corporation”, which will be involved inmanufacturing Solar Photovoltaic system mainly for private institutional customers in United States.SunPanels’ strategy will focuses to target business consumers by offering products with latest technologies at lowerprices. To achieve lower production costs, SunPanel proposes to build its manufacturing plant in India and exports theproduct to US. However, entering this competitive market and selling its product would require SunPanel’s marketingteam to implement an intensive strategic plan. Upon successful implementation, the plan could increase customerequity at a rate of USD 87 million per year.MARKET ENVIRONMENT:Context:1. Heavy Market Momentum exists: Demand for energy is continuing to rise, and communities are increasingly lookingto renewable sources such as sun and wind to meet that demand with clean, safe, reliable energy. Fortunately, many ofthe key technologies that can unlock the power of these renewable resources are on the market today. According toSolar Energy Industries Association (SEIA) (Appendix-1-A), the solar PV market has been booming over the last years andit is forecasted to confirm this trend in the coming years. The major accelerator in the growth of solar PV demand wouldbe shift from the existing electricity generation sources to the Solar Photovoltaic systems (Appendix-1-B). Moreover, thegrowth of solar PV system installation is estimated to sustain at present rates till the saturation point when it reducesthe production from other sources to zero (Appendix-1-C). The compound annual growth rate (CAGR) for solarphotovoltaic market in US for the period 2006-2010 was 60.2% and is estimated to grow at 82% during 2011-2015.Specifically, the grid-connected PV increased 102% in 2010 and are projected to increase by similar rate in next fiveyears.This spectacular track record of increase in solar PV installations and the projected growth story in the industry wouldprovide the required demand depicts the immense growth potential in the industry.2. Heavy specificity on application: Until 2007, the market for PV systems was heavily dominated by off-gridapplications such as remote residential power, telecommunications, and infrastructure such as highway lighting andpipelines, as described in above. Then after, the less mature markets for grid-connected PV have increasedtremendously in recent years and provide the largest potential for growth. With applications including PV for residentialand commercial buildings and government facilities, these markets are having targeted approaches to develop andexpand.3. Technological advancements are growth accelerators: Current PV systems are mainly made with Poly Crystallinesilicon based technology, which costs approx. 12-13 cents/Wp, while recently developed Thin-film technology costs 4-5cents/Wp. TF technology expects to penetrate some of the traditional markets for PV, while creating entirely newapplications categories, based on TF PV’s cost, weight and flexibility. Integrated building products are particularlyattractive to the TF PV maker, because the requirements of this sector fit well with the characteristics of TF PV and theaddressable market is large. A potential for TF PV in the mobile and disposable electronics markets has also attractedinterest in certain quarters.
  3. 3. 4. Energy Costs create a big hole in pocket: According to Mintel report, a US citizen in low-income group (<50,000 p.a.)spends almost 20% in utility expenses. The prices of conventional resources are increasing at unprecedented rate. Onthe other hand, rapidly declining prices for solar technologies, in combination with federal, state, and local policychanges, are bringing increasing amounts of solar energy into the mainstream.5. Markets are Regional: The economic value of a PV system is greatly impacted by the alternative cost of conventionalelectricity, the local solar resource, the absence of significant barriers, and the available government incentives for PVinstallation, resulting in region-specific markets for PV systems. Currently, California contributes to almost 45% ofcurrent installed capacity in US.Complementors: Environmental activists and mass communication media, who promote usage of green energy sources,will enhance SunPanels’s market. Government regulations on reducing carbon footprints, subsidies on usage of solarenergy and tax-rebates on installation costs, will also boost the sales of solar panels. Moreover, the ever increasingprices of conventional energy utilities will render indirect increase to solar panel adoption.Competencies: Core Competencies of SunPanels Corporation will be following two things:First, solar photovoltaic systems manufactured with the revolutionary Thin Film Technology (TFT), which offers followingattributes:1. Heavy reduction in operating cost (approx. 75%) – Effect of advanced technology2. Lower weight and hence, more flexibility for transportation – Effect of advanced technology3. Increased efficiency and hence, less space for installation – Effect of advanced technology.4. Lower priced products – Manufacturing facility located in India offers cost benefit.Second, SunPanels will also focus on developing in-house technical service team of engineers to provide promptcustomer service for after-sales maintenance. These personnel are hired from engineering institutions in India and thentrained at the SunPanels’ manufacturing facility in India to work in United States on contract basis.Competitors: SunPanels’s chief market competitors are existing solar panel manufacturing companies in United States.According to Energy information Administration (EIA), there are almost 101 companies in US currently involved inmanufacturing and distributing solar panels. SunPanels’s manufacturing unit will be located in India, existing 38 majorIndian solar panel manufacturers will also add to the competition. Other secondary competitors would be existingpower generating plants that use natural gas, wind power or hydropower sources of power generation.The competitors in US and India could be further classified into following three types: 1. Manufacturers of residential PV systems: Largely dependent on the incentive funding availability from state 2. Manufacturers of non-residential (commercial) PV systems: Heavily affected by the recent financial crisis mainly due to heavy dependence on project-finance conditions. 3. Manufacturers of utility PV systems: Dependent on the overall profitability of the projects, and hence manufacturing technology, costs, timely availability, installation period and maintenance support are more important to this segment.SunPanels chief competitors would be segment-3 companies manufacturing in utility PV systems. The competencies ofSunPanels align perfectly with the characteristics of this segment and will focus to maximize the fulfillment of theserequirements through its marketing strategies as explained further in this report.
  4. 4. SWOT ANALYSIS: Strengths: Weakness: 1. Robust demand of the product and strong growth 1. Lack of consumer knowledge about solar potential in market demand. photovoltaic panels, specifically retail consumers. 2. SunPanels’ products are based on Thin-Film (TF) 2. Tough competition for entry: Market has large technology, which is advanced, cheaper and offer number of manufacturers in US itself. better advantages over competitors. 3. Higher Installation cost and long payback periods. 3. Lower manufacturing costs, as compared to manufacturing in US/Germany. 4. Complexity: The time consuming and complex nature of purchasing and installing solar energy 4. Strong support by Indian Government to green systems discourages many potential retail technology customers. Opportunities: Threats: 1. Solar farms market is untouched and has large 1. Reliability: The TF Technology is new in the public’s growth potential. eye and confusion about its performance and capabilities create concerns about its reliability. 2. Global reach: Solar panels can be shipped to various other nations like Canada, Europe, Latin America, 2. Inertia: The lengthy decision-making process and which also promise a highly increasing demand. financial complexity of the solar sale often result in consumer inertia. 3. Special Economic Zone (SEZ): Several SEZ are created in developing countries. They offer large 3. Heavy Dependency on external factors: The number of benefits to new start-up companies. economic value of solar PV is highly dependent on local government subsidies and relative prices of conventional electricity sources.
  5. 5. Customers: SunPanels will be providing solar solutions to customers across the United States. This customer base can bebroadly segmented as explained below: Customer Type Private Commercial Agricultural Public Specialized Appliance Rooftop Open Space Building Integrated Fleixibility On-grid Off-grid Mobile System Size 0-10 KWp 11-20KWp 21-100 KWp 101-1000 KWp > 1000 KWp Technology Monocrystalline Polycrystalline Thin Film Region * High costs Medium Costs Low Costs*based on costs of existing electricity sourcesTARGET CUSTOMER SEGMENT:The customer base of our products is segmented onbasis of various different parameters. However, aconsiderable inter-dependence exists betweenthese parameters and the overlap among these Customer Type System Typeparameters can be identified.Our marketing activities will be oriented towardscertain target market segments. For this purpose, itis advisable to combine the identified one-dimensional segmentation criteria (Figure-A) andform segmented clusters which can be targeted with Appliance Typeour specific value propositions. Accordingly, fivedifferent clusters of customer segments will beformed as explained in Figure-B. Figure - ABeing a new entrant in the market, SunPanels will primarily target market segments where penetration can be deeperand quicker. Customer segments with large system size tend to be more cost-sensitive and are more likely to beattracted by SunPanels products with low operating costs. Also, commercial or institutional customers have adequateknowledge to understand the multitude of benefits offered by latest Thin-film technology and hence, they could beeasily convinced to pay higher amounts for the advanced technology products.
  6. 6. Type – B and Type – D customers install solar panels with primary purpose to reduce their energy costs. In order toenhance their economic value, they essentially give importance to lower operating costs and higher efficiency products.Their requirements being roof-top or building integrated installations, they prefer products that offer more flexibilityand easy installation.Type – E customers are large investors investing money to make business by selling electricity produced by solar farms(solar panel installations). They continuously seek to gain competitive advantage over their competitors, especially thosewho use conventional sources for electricity generation. Hence, their primary importance is to achieve reduction inoperating costs. In fact, this segment is relatively untouched and is growing tremendously; hence it would be easier toenter this customer segment.Thus, customer segments Type-E (Specialized solar farms customers) will be SunPanels’s primary target customers as astart-up company. These customer segments are large institutions that could incur higher installation costs for loweroperating costs and better efficiencies.In the application type, on-grid customer segment share 48% of the current market share and have large potential forgrowth in coming years. Specifically, on-grid customers could be attracted through lower costs of TF technology. On-gridinstallations are relatively quicker than off-grid and mobile installations. Moreover, off-grid installations are remotelylocated and involve higher transportation costs. Hence, SunPanels will primarily target on-grid installations. Type A Private person installing a solar PV plant on his own residential building. Residential Typical system size: < 10 kWp Customer Common type: Rooftop, Building-intergrated Commercial institution or company installing a solar PV plant on their warehouse, Type B factories, offices, supermarkets, etc Commercial Typical system size: 10-100 KWp Customer Common type: Rooftop, Building-integrated A farmer – installing solar PV plants on his barns or stables or land areas not used Type C agriculturally Agricultural Typical system size: 10-100 KWp Customer Common type: Rooftop, Building-integrated, or open-space Public entity installing PV plants on public buildings such as town halls, schools, Type D hospitals or theaters etc. Public Customer Typical system size: 10-100 KWp Common type: Rooftop, Building-integrated Professional investors (like investment banks) installing a dedicated solar power farm Type E to sell produced electricity to local energy companies for an attractive feed-in tariff, Specialized guaranteed by national laws. Customer Typical system size: > 1000 KWp Common type: Open-space
  7. 7. CUSTOMER DECISION MAKING PROCESS:The decision making process of our primary target customers of Type-E will evolve on the following factors:These customers are chiefly large institutions and electricity generation by operating solar PV systems is their businessmodel. Hence, they continuously strive to reduce their operating costs so as to gain higher profitability and bettercompetitive advantage.Moreover, their choice of PV system installation also depends on the technology that offers lower payback time. On thecontrary, they are open to pay higher installation costs if they are assured for lower operating costs and relative lowerpayback times. Generally, they are backed with major private investments banks operating through the country. In fact,as the economy is gradually moving out recession, there is ample amount of passive money with these privateinvestments bank waiting to flow towards high-return investments in the domestic markets.Additionally, these customers look for manufacturers that can give assured continuous after-sales services of theproducts, mainly because the assurance gives them more reliability toward sustaining their operations without technicalhindrances in adopting the new technologies. This would offset the resistance faced by the solar PV systems beingrelatively younger in the industry.Furthermore, the power generation industry is facing intense modifications with the technological advancements in theupstream sector, primarily the resource markets. Hence, these utility producers are increasingly motivated towardslatest technologies that can help them gain competitive advantage, thereby creating substantial demand for emergingproduction technologies.The need will force out target customers towards search of the manufacturers that align to their needs and createsmaximum economic value. During their search, they will look into overseas markets for products that fulfill theircomplete needs. Once they assess the value proposed by our product, they will definitely opt to buy it. LIFE: - Current Operations: Maximize competitive advantage and increase profitability through low production costs. - Investors for new-projects: Availability of large quantum of money for high-return investments. Cost Reduction Strong demand Availability of funds SEARCH - Look for advanced technology which offers higher efficiency at lower operating costs and payback times. -Learn about overseas manufacturers with relatively cheaper products. Targeted promotion Lower price Sound after-sales service SOLVE Select the manufacturer that offers innovative technologies, lowers operates costs and gives strong reliability.
  8. 8. VALUE PROPOSITION: For energy producers and investment banks intending to build large electricity producing units, the Solar Photovoltaic systems from SunPanels Corporations will be the optimum choice to invest their funds with an assurance of maximum profitability, finest quality, lowest payback period and complete reliability.The hallmarks of SunPanels’s unique value proposition are listed as follows:1. Maximum Profitability: Lower operating costs: Thin Film (TF) technology operating costs are estimated at 4-5 cents/Wp as compared to 12-13 cents/Wp of PCS technology. Cheaper products: SunPanels will offer its products at prices cheaper than majority of its competitors producing the TF technology based solar systems. SunPanels will manufacturer its products in India against the competitors who manufacturer their products in U.S. or Europe.2. Finest Quality: Better technology: SunPanels will offer solar panels based on Thin-Film (TF) technology which is more advanced to currently used Poly Crystalline Silicon (PCS) based technology. The TF technology offers higher efficiency and reliability. Better flexibility and lower weight of these products will make the installation process easier and quicker for the customers. Six-Sigma certification: The manufacturing unit of SunPanels will have six-sigma compliance and hence, it will ensure finest quality of product with zero manufacturing defects.3. Lowest payback times: Highest overall returns: With lower operating costs and increased reliability, the solar PV systems will offer higher overall returns than the competitors. Of course, the TF technology will be expensive to install as compared to other technologies, however it offers lower operating costs and negligible downtime resulting into lower payback period. Negligible Price volatility & Environmental/Energy Security: As compared to conventional energy sources, solar panels use a clean energy source; have better stability in transmission/distribution and depend on a free abundant resource. This will help to increase the overall reliability of the systems.4. Complete Reliability: Better after-sale maintenance: SunPanels will have a robust maintenance and service team to offer better quality of after-sale services to its customers. It will develop in-house technical service team of engineers hired from technical institutions in India. Presently, India has among the lowest rates for technical engineering services. These personnel will be trained at the SunPanels’ manufacturing facility in India to provide services to the customers in United States. This process will address the concerns on the adoption of new technologies and develop customer’s trust on the performance of our product.
  9. 9. The above value proposition will result in the highest economic value to SunPanels’s consumers as explained below.
  10. 10. RESOURCE INVESTMENTS:Price: SunPanels will offer its solar panels at prices lower than its US based competitors. Being based on Thin-film technology, the panels will be higher in prices than Poly Crystalline Silicon panels. However, they will be required to cheaper in comparison to US based manufacturers of TF technology panels. SunPanels manufactures its products at Special Economic Zone in Gujarat, India. This zone has excellent industrial infrastructure and offers benefits like duty-free trade and zero income-tax till fifteen years. Additionally, labour costs for manufacturing and the raw materials are relatively cheaper in India. Thus, the marketing team will be set the price of SunPanel’s products at an attractively lower rate.Place: Initially, SunPanels will targets customers in those states where the prices of conventional sources are relatively high or medium, since these states will have heavy demand for solar panel deployment. These states are segmented as Zone-1 and will be primary targeted during the initial period. The current installed capacities at various states are as given in Appendix-2. Once the threshold of sales is achieved in zone-1, gradually target would be expanded towards zone-2 states. SunPanels will have its manufacturing unit will be located in India. This will involve expenses in constructing these offices as well as maintaining effective communication between these offices.Product: SunPanels’s solar panels will be produced with robust manufacturing units based on advanced technologies. The product solar panels will be based on thin-film technology. The manufacturing plants will have Six-sigma compliance so that the products will have almost zeroed manufacturing defects.Promotion: Since SunPanels Corporations product is mainly B2B, the primary promotion would be through a sales team involved in direct one-to-one marketing. One to one interaction of the sales personnel with the customers will be essential. Convincing the customers will require sales team to conduct individual meetings and negotiations to finalize the deal. Once a threshold number of sales are achieved, the same can be leveraged to expand the sales further through advertisement campaigns. Main places for advertisements would be large conferences, exhibitions, functions pertaining to energy industry or investment banking services. Publications for organizations like “Young Professional for Energy”, “World Energy Association”, “International Energy Agency”, etc. could be selected for advertisement platforms.
  11. 11. CUSTOMER EQUITY: One-year Timeline Three-year timeline (2012) (2012-2014) Target Segment - N 1,699,200 3,079,200 Penetration Rate - Pr 4.0 % 6.0 %Average Margin - AMPC $ 180 $ 180 Retention Rate - Rr 100% 100% i 12% 12% Customer Equity USD 101,952,000 USD 277,128,000 Customer Equity Growth per year = USD (277,128,000 – 101,952,000) / 2 = USD 87,588,000Target Segment – N: According to Energy Information Assessment (EIA), installed capacity of solar photovoltaic systemsin United States is estimated to be 2124 MW, 3275 MW and 3849 MW in 2012, 2013 and 2014 respectively. As per SolarEnergy Industries Association (SEIA), an average rate of consumption per home in United States is 5 KW per year andassuming average 4 members in a home, the per member consumption comes out to be 5/4 = 1.25 KW per year. Hence,no. of customers in target segment will be 1,699,200 in 2012; 2,620,000 in 2013 and 3,079,200 in 2014.Penetration Rate: According to EIA, there are 101 companies currently manufacturing or selling solar photovoltaicpanels in United States. Estimated new companies to the market are 42, 54 and 67 in 2012,2013 and 2014 respectively.Owing to SunPanels new technology and lower costs, it can be expected to gain approximately 4.0 market share in 2012and 6.0 percent penetration by 2014.Average Margin Per Customer (AMPC): AMPC for current solar PV manufacturers is approximately $210. Consideringmore competitive markets and the lower pricing strategy for SunPanels, the AMPC is considered as $180.Retention rate (Rr): Once a consumers will use electricity produced from solar panel systems, it is most likely not tochange the electricity usage to any other source. Hence, retention rate can be assumed as 99%
  12. 12. COMPETITIVE COMPARISON TABLE: Sr. Manufacturing Technical Installation Company Name Efficiency Technology* Peak Output Peak Voltage Cost No. Plant Location support Time (Country) (%) (Watts) (months) 1 Sharp Japan Medium Polycrystalline Medium Medium No Medium Medium 2 BP Solar USA Medium Polycrystalline Medium High Yes Medium Medium 3 Romag USA Medium Polycrystalline Low Medium No Less Low 4 Imersys USA Medium Polycrystalline Low Medium No Medium Medium 5 Schott Solar USA Low Thin Film Medium Very High Yes Less Very High 6 Mitshibishi Electric Japan Medium Polycrystalline Low Medium Yes Less Medium 7 Yingli Solar China Medium Polycrystalline Medium Low N/A Medium Low 8 Sunpower USA High Monocrystalline Low Medium Yes High Medium 9 Kotak Urja India Medium Polycrystalline Low Medium Yes Medium Low 10 SolarCity USA Medium Thin Film High Very High Yes Medium Very High 11 Suntech China Low Thin Film Medium Very High No Medium High 12 GCL Solar China Medium Polycrystalline Medium Low N/A Medium Low 13 Tata BP Solar India Low Polycrystalline Medium Low No Medium Medium 14 FirstSolar USA Medium Polycrystalline Medium Medium Yes Medium High 15 Kyocera Japan Medium Thin Film Medium Very High No Less Very High 16 Wacker Germany Medium Polycrystalline Medium Low Yes Less Medium 17 REC Norway High Monocrystalline Low Medium N/A Medium Medium 18 Tokuyama Japan Medium Thin Film Medium Very High No Less Very High 19 SunPanels India Medium Thin Film High Very High Yes Less High*Technology of the major product of the company is represented.
  13. 13. DEVELOPMENT ACTIVITIES:The rough timeline for the key development activities of SunPanels Corporation can be estimated as follows: Q1 Q2 Q3 Q4 Begin Begin Sales at Technical Expanding Manufacturing Zone-1 Support team to other (India) Created zones Sales Team Launch Created Promotional (USA) Campaigns ESTIMATED COSTS: Manufacturing Plants: Land $ 4,000,000 Manufacturing Facility $ 7,000,000 Administrative Facility $ 2,000,000 Sales Team $ 500,000 Promotional Campaigns $ 3,000,000 Technical Support team $ 4,000,000
  14. 14. PROMOTIONAL ACTIVITIES:The rough timeline for the key promotional activities of SunPanels Corporation can be estimated as follows: Q1 Q2 Q3 Q4 Direct one-to-one Advertising to Launch direct sales to states in zone-2 sales in zone-2 investment banks Direct one-to-one Launch sales to energy Advertise producers Campaigns in zone-1 ESTIMATED COSTS: Direct one-to-one sales to energy producers $ 400,000 Direct one-to-one sales to investment banks $ 300,000 Launch Advertise Campaigns in zone-1 $ 500,000 Advertising to states in zone-2 $ 350,000 Launch direct sales in zone-2 $ 500,000
  15. 15. APPENDIX – 1:A. Installed capacity historical data on installation of solar PV systems in United States. Source: GreenTech SolutionsB. Projected SHIFT in capacity FOR sources of electricity production
  16. 16. XXX – Electricity generation from sources other than solar (coal, natural gas) XXX – Electricity generation from solar PV source Source: SEIAC. Projected electricity production by Solar Photovoltaics in US. Source: SEIAXXX – Solar PV installed per yearXXX – Cumulative Solar PV capacity installed
  17. 17. APPENDIX – 2:State-wise installed capacity of Solar Photovoltaics in US (in MW): No State 2010 2009 2008 2007 United States 1,652.50 1,255.70 791.7 474.8 ZONE – 1. 1 California 1,021.70 768 528.3 328.8 2 New Jersey 259.9 127.5 70.2 43.6 3 Colorado 121.1 59.1 35.7 14.6 4 Arizona 109.8 46.2 25.3 18.9 5 Nevada 104.7 36.4 34.2 18.8 6 Florida 73.5 38.7 3 2 7 Pennsylvania 54.8 7.3 3.9 0.9 8 New York 55.5 33.9 21.9 15.4 9 Hawaii 44.7 26.2 13.5 4.5 10 New Mexico 43.3 2.4 1 0.5 11 North Carolina 40 12.5 4.7 0.7 12 Massachusetts 38.2 17.7 7.5 4.6 13 Texas 34.5 8.6 4.4 3.2 ZONE-2: 14 Connecticut 24.6 19.7 8.8 2.8 15 Oregon 23.9 14 7.7 2.8 16 Ohio 20.7 2 1.4 1 17 Illinois 15.5 4.5 2.8 2.2 18 Maryland 10.9 5.6 3.1 0.7 19 Wisconsin 8.7 5.3 3.1 1.4 20 Washington 8 5.2 3.7 1.9 21 Delaware 5.6 3.2 1.8 1.2 22 Tennessee 4.7 0.9 0.4 0.4 23 D.C. 4.5 1 0.7 0.5 24 Minnesota 3.6 1.9 1 0.5 25 Vermont 2.9 1.7 1.1 0.7 26 Virginia 2.8 0.8 0.2 0.2 27 Michigan 2.6 0.7 0.4 0.4 28 Utah 2.1 0.6 0.2 0.2
  18. 18. REFERENCES:1. U.S. Energy Information Administration (EIA) - http://www.eia.gov/2. SEIA - Solar Energy Industries Association - http://www.seia.org/3. Wikipedia - http://www.wikipedia.org/4. UConn Library resources – Mintel Reports, IBIS Database5. National Renewable Energy Laboratory - http://www.nrel.gov/6. European Photovoltaic Industry Association (EPIA) - http://www.epia.org/7. Navigant Consulting Report - www.navigantconsulting.com8. Mckinsey consulting reports - http://www.mckinsey.com/9. Greentech Media – http://www.greentech.com/

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