The U.S. solar PV project pipeline is now over 43 GW, indicating that the country will become the third largest solar market in the world, after China and Japan.
The capacity of projects in the pipeline – which includes projects in the “pre-planning” stage right through to those “being installed” – has grown by 7 percent over the past year. The additional 43 GW capacity is enough to power six million homes.
According to the latest report from NPD Solarbuzz, United States Deal Tracker, growth is coming primarily by projects up to 30 MW, compared to the previous trend of large projects (>100 MW) dominating growth.
“The increase in new solar PV projects being planned or under construction is driving double-digit annual growth forecasts for PV adoption within the United States,” said Michael Barker, senior analyst at NPD Solarbuzz.
“Large-scale PV projects exceeding 20 megawatts continue to dominate the pipeline, in terms of installed capacity, stimulated by state-based renewable portfolio mandates. Projects of all sizes have become increasingly viable, due to declines in solar PV system pricing in the past year,” he continued.
According to the report, more projects are closer to completion as developers look to take advantage of the US Investment Tax Credit of 30 percent.
“With just three years remaining until the full tax credit incentive rate declines, solar PV project developers in the United States are now planning to complete projects, or have a significant portion under construction, prior to the 2017 deadline,” said Christine Beadle, analyst at NPD Solarbuzz.
“This deadline is causing a shift in focus to smaller projects that can be completed on shorter timescales,” she continued. Over the past 12 months, the number of <30 MW projects in the pipeline has grown by 33 percent.
Source: NPD Solarbuzz United States Deal Tracker report