GTM Research and Solar Energy Industries Association (SEIA) forecast that during 2013, the industry will install 4.4 gigawatts (GW) of photovoltaic power facilities - enough to power about 800,000 average American homes. That will rise to nearly 9.2 GW annually in 2016. As the cost of solar photovoltaic panels declines, solar power is one of the fastest-growing new energy sources in United States.
"Installations will speed up over the next four years as projects become economically preferable to retail power in more locations," said Shayle Kann, vice president of research at renewable power information company GTM, a unit of Greentech Media.
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