U.S. hits record solar installations in Q3, set to surpass historic levels in Q4

Published on December 14, 2016 by Daily Energy Insider Reports

The United States surpassed the previous quarterly solar photovoltaic (PV) installation records and is on a path to exceed the historic total in the fourth quarter, according to a new report from GTM Research and the Solar Energy Industries Association.

During the third quarter, the report shows solar PV was installed at a rate of 1 megawatt every 32 minutes. The total amount of solar PV installed in the nation during the entire third quarter reached 4,143 megawatts.

“Coming off our largest quarter ever and with an extremely impressive pipeline ahead, it’s safe to say the state of the solar industry here in America is strong,” said Tom Kimbis, SEIA’s interim president.

The report notes an unprecedented rate of project completion in the utility-scale segment as a key growth driver. The utility-scale segment represented 77 percent of solar PV installed in the third quarter of the year. GTM Research anticipates that 4.8 gigawatts (GW) of utility PV projects will come online in the fourth quarter of the year.

“The solar market now enjoys an economically-winning hand that pays off both financially and environmentally, and American taxpayers have noticed. With a 90 percent favorability rating and 209,000 plus jobs, the U.S. solar industry has proven that when you combine smart policies with smart 21st century technology, consumers and businesses both benefit,” he said.

Three years ago, only 10 GW of PV was installed in the United States. By the end of this year, GMT research predicts U.S. installations will amount to 14.1 GW, an 88 percent increase over 2015. The third quarter solar PV installations represent a 99 percent increase over the second quarter 2016 installations and 191 percent over third quarter 2015 installations.

“Driven by a large pipeline of utility PV projects initially procured under the assumption of a 2016 federal ITC expiration, the third quarter of 2016 represents the first phase of this massive wave of project completion – a trend that will continue well into the first half of 2017,” said Cory Honeyman, associate director of U.S. solar at GTM Research.

The growth in the third quarter growth marks the sixth consecutive quarter in which more than a half gigawatt of residential PV solar was installed, but the sector depicts a slowdown from its peak growth.