Government incentives helped solar PV in Canada grow 89%, report says

A report by GlobalData says solar photovoltaic (PV) technology is growing at a fast rate in Canada thanks to government incentives.

The report, “North America Solar Photovoltaic (PV) Backsheet – Market Size, Average Price, Competitive Landscape and Key Country Analysis to 2020,” says that Canada’s ecoEnergy Retrofit program, Ontario’s Green Power Tariff and the Renewable Energy Standard Offer Program are just some of the initiatives that help push the rise of solar PV generation and the PV backsheet market.

Cumulative solar PV installed capacity in Canada increased from 20 MW in 2006 to 500 MW in 2011, at a Compound Annual Growth Rate (CAGR) of 89 percent, and is forecast to reach 6,579 MW by 2020 at a CAGR of 33 percent.

The country is an import-oriented market for solar backsheets, as there are no backsheet manufacturers currently located in Canada, since the local PV industry is still in its early stages. As a result of the introduction of the Ontario Green Energy Act in 2009, solar PV backsheet installations increased from 4 MW in 2006 to 240 MW in 2011, at a CAGR of 131 percent, the report said. However, the local content requirement clause has boosted the market for domestic modules. Annual solar PV installations over the forecast period are expected to record consistent growth, with backsheet capacity expected to increase from 240 MW in 2011 to 937 MW by 2020.

Recently, Canadian Solar (Nasdaq: CSIQ) and SkyPower formed a 50-50 joint venture to develop alternate energy in Ontario. The joint venture includes an agreement for Canadian Solar to acquire a majority stake in 16 solar projects in Ontario from SkyPower with an estimated installed capacity of between 190 to 200 MW.

To purchase the full report, click here.

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