Solar accounted for 32 percent of the U.S.’ new generating capacity in 2014, beating out both wind and coal for the second year in a row, according to a report. Natural gas was the only generating source that constituted a greater share of new generating capacity.
GTM Research and the Solar Energy Industries Association (SEIA) released the U.S. Solar Market Insight 2014 Year in Review. The report also said newly installed solar photovoltaic (PV) capacity for the year set a record at 6,201 MW, increasing 30 percent over 2013’s total. An additional 767 MW of concentrating solar power (CSP) came online in the same time period, including the 392-MW Ivanpah project, the 125-MW Genesis Solar project’s second phase, and Abengoa’s 250-MW Mojave Solar. All solar completed in 2014 represent $17.8 billion in investment, broken down to $13.4 billion in PV and $4.4 billion in CSP.
GTM Research forecasts the U.S. PV market to increase 31 percent in 2015, with the utility sector expected to account for 59 percent of the forecasted 8.1 GW of PV.
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