U.S. Solar Market Grows 76% in 2012; Now an Increasingly-Competitive Energy Source for Millions of Americans Today

Thursday, March 14, 2013

WASHINGTON, DC and BOSTON, MA - GTM Research and the Solar Energy Industries Association^® (SEIA^®) today released U.S. Solar Market Insight: Year-in-Review 2012, the definitive analysis of solar power markets in the U.S.

With another record-breaking year, solar is the fastest growing energy source in the U.S., powering homes, businesses and utility grids across the nation. The Solar Market Insightannual edition shows the U.S. installed 3,313 megawatts (MW) of solar photovoltaics (PV) in 2012, a record for the industry. Perhaps most importantly, clean, reliable, affordable solar is continuing a major growth pattern that has made it a leading source of new electricity for America that’s increasingly competitive with conventional electricity across dozens of states today.

Even with the cost of solar falling for consumers, the market size of the U.S. solar industry grew 34 percent from $8.6 billion in 2011 to $11.5 billion in 2012—not counting billions of dollars in other economic benefits across states and communities.  As of the end of 2012, there were 7,221 MW of PV and 546 MW of concentrating solar power (CSP) online in the U.S. -- enough to power 1.2 million homes.

At the state level, 2012 was another year for breaking records. California became the first state to install over 1,000 MW in one year, with growth across all market segments. Arizona came in as the second largest market, led by large-scale utility installations, while New Jersey experienced growth in the state’s non-residential market. The top 10 largest state solar markets in 2012 were:

1. California - 1,033
2. Arizona - 710
3. New Jersey - 415
4. Nevada - 198
5. North Carolina - 132