Solar power and renewable energy continue to grow in size and marketing share. Every 3 minutes, another solar power installation goes online.

Solar Power Report

solar power renewable energy worldThe United States installed 1,354 megawatts (MW) of solar photovoltaics (PV) in Q3 2014, up 41 percent over the same period last year. The numbers come from the latest edition of GTM Research and the Solar Energy Industries Association’s (SEIA) U.S. Solar Market Insight Report

2014 solar power report

The report forecasts the U.S. to install 6.5 GW of PV in 2014, a 36 percent increase over the historic 2013.  Here are some of the other key findings:

  • For the first time ever, more than 300 MW of residential PV came on-line in a single quarter and more than 50 percent of residential PV came online without any state incentive.
  • By the end of this year, there will be more than 600,000 homes outfitted with solar.
  • 36 percent of all new electric generating capacity in the U.S. through the first three quarters of 2014 came from solar.
  • Growth remains driven primarily by the utility solar PV market, which installed 825 MW in Q3 2014, up from 540 MW in Q3 2013.
  • The report forecasts that PV installations will reach 6.5 GW in 2014, up 36 percent over 2013 and more than three times the market size of just three years ago.
  • Q1 2014 was the largest quarter ever for concentrating solar power (CSP), due to the completion of the 392 MW Ivanpah project and Genesis Solar project’s second 125 MWac phase. While no CSP plants came on-line in Q3 2014, Abengoa’s Mojave Solar (250 MW) achieved commercial operation this month, making 2014 the biggest year ever for CSP.

Read more about solar power at Renewable Energy World