Aomori Group – Solar Power Growth.
Aomori Group: The solar energy industry installed more than double the megawatts in 2011 than in the previous year.
Growth of solar panel installations in the US had been expected by analysts at Aomori Group, as the cost of manufacturing fell sharply and overseas demand fell, largely as a result of the EU cutting subsidies as an element of their austerity measures. However, the 109% growth over 2010 figures surpassed expectations.
“The US remains the center of innovation in the solar energy industry. Although cheaper panels are being manufactured in China, the US produces the most advanced and efficient panels” said an energy sector analyst at Aomori Group. Some models predict solar energy accounting for as much as 10% of US power consumption by 2020, from under 1% today.
According to the annual report from the Solar Energy Industries Association, solar panels producing 1,855 megawatts of energy were installed in 2011, compared to only 887 megawatts in 2010. Total solar production in the Us now sits at 4,460 megawatts, enough to power three quarters of a million homes. Wind power also saw significant growth in 2011, increasing energy production by more than 30 percent.
Aomori Group predicts a busy 2012 for the sector, with significant consolidation expected through a number of acquisitions and mergers as venture capital investment in clean energy technologies continues to grow.
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