New Hampshire — The outlook for the residential solar market in the United States remains strong, with policymakers looking to reduce the regulatory burden for new installations and major downstream players focusing on continued installed system cost reduction.
This is according to a new quarterly market update from NPD Solarbuzz. The organization said that it anticipates that the residential segment will pass the 1 GW trailing 12-month (TTM) rate in early 2015. Further, strong growth is forecast through 2016.
Residential demand in the United States continues to increase, as solar PV systems become more attractive across more states. Demand growth is being driven by falling installed system prices; as well as downstream business models, which are bringing more financing and ownership options to the end-market.
Solarbuzz released the following updates:
- Between the first quarter of 2012 and the fourth quarter of 2014, TTM residential PV demand more than doubled.
- Solar leasing, solar PPAs, and other business models, along with increasing financing options, are making solar more accessible to previously underserved customer segments.
- The residential segment is experiencing fewer negative effects from the 2014 preliminary trade decisions.
- Recent investments in U.S.-based manufacturing have largely been caused by companies anticipating strong growth in the U.S. market, particularly in the higher-ASP residential sector.
The U.S. residential solar market will be a hot topic at next weeks’ Solar Power International. Once again, RenewableEnergyWorld.com will be powering the Solar Central booth (4920) where we will hear from solar energy executives representing all aspects of the global solar industry. Don’t miss it!
Lead image: US Residential Demand (TTM)