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Utility-Scale Solar Energy to Double Each Year Thru 2015, Greentech Report Says
According to a new study released today by Greentech Media (GTM), the U.S. market for utility-scale solar energy farms is expected to double each year between 2010 and 2015. The Cambridge, Massachusetts-based research group came to this conclusion after carefully reviewing all solar power projects that have been announced by developers and utilities to date.
Three main factors are expected to drive this continual uptrend in the development of big-scale solar projects: (1) federal government incentives; (2) state-mandated renewable energy requirements — like those of California, which has set a goal of 33 percent of its energy coming from renewable sources by 2020, Arizona (15 percent by 2025) and Colorado (30 percent by 2020 for investor-owned utilities); and (3) the continued downtrend in the cost of solar panels.
Today it is estimated that the U.S. utility solar market is worth $1 billion annually. By 2015, that figure is expected to reach — and may possibly surpass — $8 billion. In 2010 alone, 274 megawatts (MW) worth of utility-scale solar farms are likely to be connected to the grid — a 370 percent increase from 2009. That number is projected to double in 2011. The study’s authors note that, by 2015, the U.S. utility-scale solar farm market will reach 5,600 megawatts.
Another reason behind the expected growth is that big name solar manufacturers are opening manufacturing plants in the United States. Arizona, for example, has been a hot location to open such facilities, as the state has developed its Renewable Energy Tax Incentive Program. Designed to attract companies and create jobs, the program offers an income tax credit of up to 10 percent and a 75 percent reduction on real and personal property taxes to manufacturers willing to open shop in state. The program has led to seven clean energy companies opening facilities in Arizona since the beginning of 2010, including the inverter manufacturer Power-One and the photovoltaic (PV) solar module maker Suntech.
How much solar power will be in demand in 2015 is still somewhat unclear. GTM estimates that, if all of the planned projects are completed and utility companies sign more contracts, demand in 2015 could top 3,000 megawatts. On the other hand, if many of the projects run into financing obstacles and are not built, utility demand for solar power could be as low as 2,250 MW.
Notice that California will have the most installed utility-scale megawatts in the country, and will hit its peak in 2012-2013 when the state will account for over 60 percent of the nation’s utility-scale solar capacity. In 2014 and beyond, the rest of the country is expected to catch up somewhat.
getsolar.com
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