Record Breaking Residential Solar Installations in Q1 2015
The US has been breaking its own record on solar installations in the residential sector. Good for us. It’s about time that more and more states adopt a good renewable energy policy. The biggest factor in the scale of solar installations is the price reduction we’ve experienced lately. States like Utah and Arizona who have very low energy rates are even taking advantage of the booming residential solar market.
In the first quarter of 2015, the US residential solar installations grew 76% over 1st quarter 2014. 437 megawatts of solar photovoltaic was installed and we don’t see a slowdown in sight even with the expiration of the ITC. The Northeast is crediting to assisting in breaking this record and accounted for 51% of new electric energy brought on-line. According to GTM Research and the Solar Energy Industries Association (SEIA) more than 3 million residential solar installation are expected to take place in the next 5 years. Collectively, the US has brought more than 700,000 residential solar systems on-line with an average price per watt of $3.48. The average price for Q1 of 2014 was more than $3.80 per watt, bringing the average cost down 10%. This time next year I foresee costs coming down to just over $3.00 per watt.
Where State policy and Utility incentives thrive, is where you’ll find the abundance of solar companies and a high number of installations. With the ever changing policies, most large solar companies are chasing the market and going where the money is. Who can blame them? Cheers to giving homeowners their own right to choose where they get their energy.
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