From 2011 to 2016, Zpryme forecasts the residential solar market value to grow from $1.2 billion to $4.7 billion. During this period, the market is projected to grow at 33 percent annually as identified in Zpryme’s new report, “Residential Solar & the Smart Grid: An industry brief highlighting the escalating U.S. residential solar market in the Smart Grid space from 2011-2016.”
Despite the current outrage over the failure of the government-connected solar panel maker Solyndra and U.S. solar manufacturers Evergreen Solar and SpectraWatt declaring bankruptcy in August and September, the Department of Energy (DOE) said it was conditionally guaranteeing about $275 million of a $344 million loan package for the SolarStrong Project, under which San Mateo, Calif.-based SolarCity will install, own and operate up to 160,000 rooftop solar installations on as many as 124 U.S. military bases in as many as 33 states.
The loan bundle is supporting just a serving of what SolarCity expects to be $1 billion in projects under SolarStrong.
“The SolarStrong Project will be the most ambitious residential solar project to date, however, not the leading rooftop solar project. Just this past June, the U.S. approved a $1.4 billion loan guarantee for Project Amp, which will install up to 733 MW of solar panels on commercial rooftops in 28 states,” said Jason S. Rodriguez, CEO and director of research at Zpryme.
- Solar photovoltaic (PV) generation from end-use generators will reach 3.5 billion kilowatt-hours in 2011 and increase to 9 billion kilowatt-hours in 2016. With an annual growth of 21 percent, this market trend signals that residential solar is destined to continue growing at a rapid pace in the U.S.
- Residential solar capacity will reach 380 MW in 2011. By 2016, total residential solar capacity in the U.S. is projected to reach 1,201 MW. During this period, the capacity is projected to grow at 26 percent annually.
- As the smart grid is further developed and implemented across the nation coupled with prices falling rapidly as a result of Chinese manufacturers, the residential solar energy market is slated to experience an extreme period of growth.