Despite competition from coal, natural gas, and wind, PV installations grew 76% in 2012, reaching a record-high of 3,313 mW. Solar is now the fastest growing energy source in the U.S.
With over 300,000 PV systems across the country, the U.S. contributed 11% of all global solar growth in 2012, according to GTM Research and the Solar Energy Industries Association (SEIA).
The report, U.S. Solar Market Insight: Year-in-Review 2012, also found:
Despite promising numbers, growth in the commercial market was tepid at best, as 83,000 of the 90,000 solar installations in 2012 were for residential customers.
Commercial, governmental, and non-profit systems accounted for more than 1,000 mW installed.
Leading states included California, New Jersey, Arizona, Massachusetts, and Hawaii.
Building owners have a variety of incentives, rebates, and financing channels available. They can also take advantage of declining costs, as PV system prices fell 27% last year alone. Owners can expect to pay $4.27 per watt at present.
The report indicates that solar growth will continue to build on its current momentum, with a forecasted 29% increase in new PV installations for 2013.