Solar photovoltaic (PV) will hold its spot as the fastest growing technology in the U.S. energy industry for the next four years. The prices of solar modules have been in a free fall since 2008, accelerating PV systems’ commercialization, while encouraging the development of new financing models for the residential sector.
New analysis from Frost & Sullivan’s (http://www.energy.frost.com) Analysis of the U.S. Residential Solar Power Market research finds that the market earned revenues of more than $1.73 billion in 2011 and estimates this to reach $3.04 billion in 2016. The cumulative PV solar installations in the United States reached 4,450, which generated 1,855 megawatts (MW) of solar power in 2011. The residential segment accounted for 15.2 percent, or 282 MW, of the annual installations during 2011, and is projected to grow at a compound annual growth rate of 11.9 percent from 2011 to 2016.
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