SeeNews Renewables — The U.S solar photovoltaic (PV) market is set for a record-breaking quarter as it is expected to add more than 3 GW of capacity in the last three months of 2015.
This will be the first of five booming quarters for the sector as project developers ramp up installations before the planned step down of the 30% federal Investment Tax Credit (ITC), according to GTM Research and the Solar Energy Industries Association’s (SEIA) US Solar Market Insight Report.
Cumulative PV installations in the US are forecast to nearly double between the fourth quarter of 2015 and the end of 2016 to hit 41 GW.
In the third quarter of 2015, the US installed 1,361 MW direct current (DC) of PV capacity, the eighth consecutive quarter in which the country added more than 1 GW.
GTM Research now forecasts that the US will see 7.4 GW of new PV installations in the whole of 2015, representing growth of 19% compared to 2014. This will reflect increases in the residential and utility segments, while non-residential solar will decline 5%.
The utility PV development pipeline currently totals 18.7 GW, according to the report.
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