Q1 2014: Solar Booms Despite Sluggish US Economy
Solar boomed in Q1 of 2014 despite the US economy shrinking 1% overall during the same period.
Both Concentrated Solar Programs [CSP] for large-scale power generation and the residential solar sector experienced a record-breaking first quarter of 2014.
According to the SEIA/GTM Research U.S. Solar Market Insight Report: Q1 2014, released last week, the US installed 232 megawatts of residential PV. That exceeds the non-residential market’s 225 megawatts for the first time in the history of the SMI report.
Q1 2014 was also the largest quarter ever for CSP. With a total of 857 megawatts expected to be completed by year’s end, 2014 is on pace to be the largest year for CSP in history.
All in all, the U.S. installed 1,330 megawatts of solar PV in Q1 2014, up 79% over Q1 2013 and the second-largest quarter for solar installations in the history of the market.
That means solar accounted for 74% of all new electric generation capacity in the US during Q1 of 2014.
Solar energy is now generating sufficient clean, reliable and affordable electricity to effectively power 3 million American homes, while creating thousands of new jobs nationwide and pumping nearly $15 billion a year into the US economy.