Community | March 19, 2009 | 2 comments

Solar Industry Posts Strong Growth in 2008

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Good news everyone! The solar industry grew by 17% in 2008.

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Solar energy capacity in the United States grew by 17 percent in 2008, according to a preliminary report released today by the Solar Energy Industries Association.

But Rhone Resch, the president of the solar group, warned that the financial crisis has hit the industry hard, since financing for projects has largely dried up.

“We’re not immune to the recession at all,” he said at a briefing for journalists this morning in Washington. “This first quarter has been brutal.”

Of the four types of solar power surveyed, photovoltaic capacity grew especially quickly, at 44 percent over total installed capacity through 2007. Solar hot water installations also showed strong growth.

Solar pool heating, already the largest solar sector, added slightly less capacity last year than in 2007, and no new concentrating solar power projects – large, utility-scale projects that use mirrors to harness the sun’s energy – came online last year.

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Source: The New York Times Online

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