Demand for Residential Solar Expected to Double by 2023

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A recent report shows that the U.S. residential solar market reached record highs in the third quarter of 2019, with 713 MW of solar installed, according to the latest U.S. Solar Market Insight report from Wood Mackenzie Power & Renewables and the Solar Energy Industries Association (SEIA).

The U.S. solar market added 2.6 GW of solar photovoltaics in the third quarter, growing the total U.S. solar capacity to 71.3 GW. The increase in residential installations helped the U.S. solar market grow 45% year-over-year and contributed to 15 states having their best quarter ever for residential solar.

States with smaller solar markets, such as Idaho, Wyoming, New Mexico and Iowa, all saw record residential growth due to continued price declines and improvements to the economic competitiveness of solar across the country. Active companies from around the market with current developments include Singlepoint Inc., First Solar Inc., SolarEdge Technologies Inc., Enphase Energy Inc. and Vivint Solar Inc.

“This positive report makes clear that American families are demanding energy choice and solar, and that our industry is ready to deliver,” says Abigail Ross Hopper, president and CEO of SEIA. 

“This is the kind of growth and investment we could see going forward if we make smart policy moves, like extending the solar Investment Tax Credit and stopping additional tariffs. Failure to make these policy moves will limit deployment potential and cost jobs,” she adds.

California continues to be the largest residential solar market, installing nearly 300 MW in the third quarter of 2019, breaking its own quarterly record. 

To read the full report, click here.

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When will the ratepayer realize the savings that the investor and utility will realize in this energy transition?