The United States solar market added 2,044 megawatts of new capacity in the first quarter of 2017. As installations grow, prices continue to fall to new lows, with utility-scale system prices dropping below the $1 per watt barrier for the first time, according to GTM Research and the Solar Energy Industries Association's (SEIA) latest U.S. Solar Market Insight Report.
That was the sixth straight quarter in which more than two gigawatts of solar photovoltaics (PV) and more than one gigawatt of utility-scale PV was installed.
The residential and non-residential PV markets are both expected to experience year-over-year growth, even as the quarterly numbers saw a drop from last year's record-setting pace, the report said.
The utility-scale segment continues to drive the market, representing more than half of all PV installed during the quarter. Much of the capacity comes from projects that were originally slated for completion in 2016, but ended up being pushed back due to the extension of the federal Investment Tax Credit. And this entire year is expected to benefit from those "spill-over" projects.
Total installed U.S. solar PV capacity is expected to nearly triple over the next five years. By 2022, more than 18 GW of solar PV capacity will be installed annually.