The Solar Energy Industries Association (SEIA) reported: “The U.S. solar energy industry installed a record 1,855 megawatts (MW) of photovoltaic (PV) capacity in 2011, more than doubling the previous annual record of 887 MW set in 2010, according to the latest U.S. Solar Market Insight report. The record amount of solar installations is enough to power more than 370,000 homes, and represents a 109 percent growth rate in 2011. It is the first time the U.S. solar market has topped one gigawatt (1,000 MW) in a single year. In the fourth quarter of 2011 alone, the industry installed 755 MW, up 115 percent from Q4 2010, for a second consecutive record-breaking quarter. GTM Research and the Solar Energy Industries Association (SEIA®) estimate the U.S. solar market’s total value surpassed $8.4 billion in 2011.”

“According to U.S. Solar Market Insight, 2012 will be another strong year for the PV industry, with installations of more than 2,800 megawatts forecasted. Beyond 2012, the report forecasts installations to continue their ascendancy at a compound annual growth rate of 30 percent through 2016.”