United States. The solar market is projected to grow substantially this year – 119% – according to GTM Research in its 2015 annual solar market report, published in conjunction with the Solar Energy Industries Association (SEIA).
Led by the large-scale service segment, GTM Research predicts that a total of 16 gigawatts (GW) of solar will be installed in the U.S. in 2016, more than double the record of 7.3 installed in 2015 GW.
While commercial-scale installations will account for 74% of installations for the year, the residential and commercial markets are also expected to experience strong growth in 2016. In fact, the U.S. is about to reach 1 million solar installation.
According to the report, the launch of new community solar programs, new utility efforts to enable corporate hiring, and the ongoing debate over the value of rooftop solar are three key trends that will drive year-round demand for solar in the United States.
The federal ITC provides a 30% tax incentive on all solar energy projects. In December 2015, Congress extended the credit to 2019 with a step down through 2022 and the project completion deadline of 2023 for some projects.