Toronto, Ontario, CAN — Independent research and advisory firm, ClearSky Advisors has released a report that states the Ontario PV market will install 694 MW in 2011, including 186 MW of Renewable Energy Standard Offer Program (RESOP) projects. All of the growth is attributed to the provinces’s feed-in tariff.
ClearSky Advisors says this market growth will propel Ontario into the top 10 of the world’s solar markets.
But the growth won’t happen unencumbered. The study shows that demand for bankable Ontario-made modules will exceed the expected supply of 386 MW in 2011. Starting January 2011, FIT rules require 60% of components in a PV installation to be made domestically. Lenders require equipment to be “bankable,” meaning it has a quality track record and financially solid warranty. To date, there aren’t enough manufacturers in Ontario that will be able to meet the demand.
“The Ontario FIT program certainly has created opportunities for individuals, developers, manufacturers and financiers alike” says Jon Worren, co-founder of ClearSky Advisors. “While interest in the Ontario market remains high, it is clear that the market is facing some immediate and significant growth hurdles.”