US solar is poised for $100bn growth surge

Rapidly declining equipment costs combined with stronger government support have set the stage for explosive growth in the US solar market over the next decade, according to Bloomberg New Energy Finance, the world’s leading provider of research and analysis in clean energy and the carbon markets. Solar-powered generating capacity – using photovoltaic and solar thermal electricity technologies – could reach 4.3% of the nation’s power capacity by 2020, depending on the industry’s ability to attract an estimated $100bn of investment. The US today has just 1.4 gigawatts of installed solar power capacity, ranking it fifth globally. But that could rise to 44 gigawatts by 2020, according to Bloomberg New Energy Finance. In a new report, forecast capacity from large-scale solar thermal projects is projected to rise from 0.4 gigawatts currently to 14 gigawatts by 2020. For photovoltaics, the group anticipates a 34% annual growth rate to 30 gigawatts by 2020. Full Story.

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