U.S. Installed Solar Capacity is Expected to Double in 2016

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Researched by Industrial Info Resources (Sugar Land, Texas)--Global solar photovoltaic power projects grew by about 60 gigawatts (GW) in 2015, 34% over 2014 numbers. U.S solar power installations in 2015 had stellar growth, with half of the states reaching 50 megawatts (MW) of installed capacity. This year is predicted to have double the installed solar capacity of 2015, as a result of the extension of the federal investment tax credit (ITC), according to the Solar Energy Industries Association (SEIA). With more than 22 GW of solar electric capacity operating in the U.S., the costs to install solar power has dropped by more than 73%.

Industrial Info is currently tracking 263 solar power projects in North America valued at $45.14 billion, with 26 in Canada worth $2.25 billion, 49 in Mexico valued at $4.77 billion and 188 in the U.S. valued at $38.12 billion.

The slump in oil prices that produced the upheaval in the fossil fuel industry has bolstered investment in renewable solar and wind energy projects, which increased to a record $329 billion in 2015 due to improved cost competiveness and federal and state tax incentives. For more on this see February 16, article North American Renewables Sector to See More than $17.5 Billion in Second Quarter 2016 Kick-Offs, Fueled by Tax Credits.

President Barack Obama's administration wants to double U.S. investments in clean energy research to $12.8 billion by 2021 for research at 12 federal agencies, an increase of about 15% per year. The administration's clean energy investment initiative's goal is to curb greenhouse gas emissions while also accelerating the advancement of renewable technologies that would lead to substantial cost reductions and strengthen energy security in the future.

Recently, the Federal Energy Regulatory Commission (FERC) received a favorable ruling from the U.S. Supreme Court, which would provide a boost to the demand response industry. The ruling determined that FERC was allowed to establish rules for demand response markets, which allow electrical grid operators to provide financial incentives for their customers to use less electricity during high peak usage times. This ruling is expected to allow the integration of low-cost solar and wind into the electrical transmission grid, which would help solar developers to complete their projects this year.

Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.