Navi Mumbai, India (PressExposure) June 25, 2011 -- The US photovoltaic industry has experienced significant growth during the past few years, despite difficulties in the housing and construction sectors. Many factors, which contributed to this growth includes a drastic module prices decline in 2009, sustained federal support from the Section 1603 Treasury Cash Grant in Lieu of Investment Tax Credit program, and increasing state-level targets for solar power. The country experienced a record year for PV installations in 2010, with cumulative grid-tied capacity estimated to reach 2.2 GW mark by installing around 700 MW in 2010.
Photovoltaic is the most dominant segment in terms of budget allocation for FY 2011. This segment is followed by concentrated solar power plants. The photovoltaic industry has been allocated above 50% of the solar energy budget owing to its economic viability and potentials for being a replacement of conventional energy sources. During FY 2001-FY 2011, 48% of the government's solar energy technology budget was allocated for near term projects (7 years) and Mid-term (3-7 years) projects both accounted for 26% of the budget allocation.
According to our new research report "US Photovoltaic Market Analysis", the US federal government continued its support and substantially increased solar energy technology budget. To propel the growth rate of PV installations in all sectors (utility, non residential, and residential), the states have formulated various incentives and grants. Presently, some of the states and the Federal government are moving away from simple rebate program and performance based incentives (PBI's) to effective cost based incentives schemes.
At the state level, California sustained its top position in annual PV capacity installations during 2009, with 7% year-on-year growth. Besides, California, New Jersey, Florida, Arizona, and Colorado were some prominent states, where grid-connected PV systems installations were concentrated. Around 80% of the grid-connected installed capacity was located in these five states and around 92% in the top ten states.
The report focuses on the growing marketplace for the PV industry at the national and state level and analyzes the current market trends along with future growth prospects. It evaluates all prominent market segments including residential, utilities, and non-residential. The report provides statistics information, state level analysis, PV cost benefit trends, module wise cost forecasts, and utility scale solar facilities to help clients identify the factors critical for their successful market penetration.
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