A recent analysis from Bloomberg New Energy Finance suggests that the U.S. market for solar photovoltaic and solar thermal generation will grow annually by 42% to reach 44 GW by 2020, requiring $100 billion of investment.
‘By the middle of this decade, the U.S. retail solar market will be driven by fundamental, unsubsidized competition, which should transform the U.S. into one of the world's most dynamic solar markets,’ says Milo Sjardin, Bloomberg New Energy Finance's U.S. head of research.
‘The important thing right now is to ensure policy stability, to give investors confidence during this critical period,’ adds Michael Liebreich, CEO of Bloomberg New Energy Finance. ‘The U.S. solar industry will require private-sector investment of $100 billion during the next decade – any hint that the government's commitment to clean energy could waver, and investors will run for cover.’
Bloomberg New Energy Finance is forecasting capacity from large-scale solar thermal projects to rise from 0.4 GW currently to 14 GW by 2020. For photovoltaics, the company anticipates a 34% annual growth rate to 30 GW by 2020.
SOURCE: Bloomberg New Energy Finance