U.S. Solar Market Insight Report: Solar Market to Triple in Next Six Years; South Carolina Should Take Advantage
A highly anticipated U.S. Solar Market Insight report released yesterday predicts that the U.S. solar market will triple in the next six years, with over 125 gigawatts of energy to be installed in the time period. Citing falling prices and increased consumer demand, an estimated 13 GW has been forecast to be installed annually.
Commissioned by the Solar Energy Industries Association and prepared by GTM Research, the report estimates that while the growth in solar energy will be felt across the utility, commercial, and residential sectors, utility installations are expected to retain the largest market share.
In response to the release of the U.S. Solar Market Insight report, Bret J. Sowers, Chairman of the South Carolina Solar Business Alliance, offered the following comments: “The report certainly vindicates what the South Carolina Solar Business Alliance has stood for, regarding the great potential that solar power has in this country. With prices falling and demand on the upswing, the solar industry both nationally and here in South Carolina has a tremendous opportunity for growth, increased employment, high tax revenues, and energy independence.”
“With the projected further growth of the U.S. solar market, we are looking towards our state legislators to ensure that South Carolina has the best possible chance to bring as much of that projected growth as we can, right here to the Palmetto State. Act 236 was a good start, but we need legislation in place to be able to attract more solar investment, especially rapidly-expanding utility solar. Legislation such as the Renewable Energy Jobs and Economic Development Bill will help bring more of the projected growth to South Carolina,” Sowers added.
With over 90 solar projects awaiting passage of solar legislation the South Carolina Solar Business Alliance encourages state lawmakers to make the Renewable Energy Jobs and Economic Development Bill a priority in the current legislative session.