The solar installation market in the United States continues to expand, with growth in the last quarter coming in at 15 percent. However, despite that increase, solar photovoltaic (PV) panel manufacturers had actually experienced a slowdown over the last two years as a result of an oversupply of solar cells. Chinese manufacturing had been “dumping” panels into the U.S. market, which dramatically lowered prices, making installations cheaper for homeowners and businesses. Now that existing inventories have declined somewhat, manufacturers are seeing a rebound in their sector of the industry.
Bloomberg.com reports that the world’s top 10 manufacturers saw an increase in solar panel production in 2012 to 20.6 gigawatts, 19 percent higher than their output two years ago. In addition to the demand coming from the United States, there has also been a rise in installations in Japan after it committed to more renewable energy in light of the Fukushima nuclear disaster, as well as China, which has promised to double its solar generating capacity this year.
As a result of this growth, investors have put $205 billion into clean energy development. The BI Global Large Solar Energy Index, which tracks the stock price of the world’s 15 largest manufacturers, has regained 55 percent of its value in the last year.
The fall in prices for panels has made Bay Area solar more affordable for middle class families looking to save money on their energy expenses. With a residential PV system, your household can avoid thousands of dollars in utility bill payments while also helping to reduce carbon emissions. For more information, contact West Coast Solar today.