U.S. Residential Solar PV Market Size, Share & Trends Report

U.S. Residential Solar PV Market (And Segment Forecasts 2024 - 2030) Size, Share & Trends Analysis Report By Construction (Retrofit, New Construction), By State

Market Segmentation

U.S. Residential Solar PV Construction Outlook (Capacity, MW; Revenue, USD Million, 2018 - 2030)
- Retrofit
- New Construction
U.S. Residential Solar PV State Outlook (Capacity, MW; Revenue, USD Million, 2018 - 2030)
- California
  - California residential Solar PV Market, By Construction
    - Retrofit
    - New Construction
- New York.
  - New York residential Solar PV Market, By Construction
    - Retrofit
    - New Construction
- Arizona
  - Arizona residential Solar PV Market, By Construction
    - Retrofit
    - New Construction
- New Jersey
  - New Jersey residential Solar PV Market, By Construction
    - Retrofit
    - New Construction
- Massachusetts
  - Massachusetts residential Solar PV Market, By Construction
    - Retrofit
    - New Construction
- Texas
  - Texas residential Solar PV Market, By Construction
    - Retrofit
    - New Construction
- Rest of U.S.
  - Rest of the U.S. residential Solar PV Market, By Construction
    - Retrofit
    - New Construction

U.S. Residential Solar PV Market Dynamics

Drivers: Decrease In Solar Pv Cost Coupled With Availability Of Easy Solar Financing

Renewable power sources such as solar and wind have seen considerable growth in the U.S. due to favorable policies and regulations due to increased environmental concerns. Solar and wind power have evolved as better alternatives than other renewable power sources such as tidal, biomass, and geothermal owing to rise in research & development and presence of financial incentives around the world. Solar power has evolved at a higher growth rate in the U.S. than wind power. For instance, growth in wind power installed capacity in 2019 compared to 2015 was 42.7%, whereas growth in solar power installed capacity in 2019 compared to 2015 was 166.2%. This remarkable growth in solar power in the country has reduced solar panel costs due to economies of scale in solar panel manufacturing. These factors have resulted in a reduction in the overall cost of installation of solar PV projects.

Favorable Policies And Regulations

Rising environmental concerns regarding the increase in carbon emissions from conventional fuels for transportation and power generation purposes have prompted countries worldwide to opt for cleaner and more efficient power sources. Furthermore, under the Paris Climate Agreement, countries such as the U.S., Germany, India, Japan, and the UK have pledged to reduce their carbon footprints. These factors have led the U.S. to draft favorable policies and regulations to enhance the country's adoption of solar PV systems. For instance, the Solar Investment Tax Credit (ITC) was enacted in 2006, which has been one of the major policy tools driving the installation of solar PV systems in the U.S. Currently, it provides a 26% tax credit for installing solar PV systems on residential properties.

Restraints: Presence Of Substitute Clean Power Generation Technologies

Wind power and fuel cells act as direct clean power generation substitutes for solar power for residential applications. Wind power utilizes wind energy to move the blades around a rotor connected to the main shaft. The main shaft then spins a generator coupled to it to generate electrical energy. Small wind turbines, deployed in residential applications, usually range in capacity from 400 watts to 20 kW. Wind power for residential applications provides advantages as wind turbines are not dependent on solar radiation. This enables them to generate power even during the night as compared to solar power systems, which can generate power only during the day. Currently, wind power has a higher installed base in the U.S. as compared to solar power. The adoption of wind power in residential applications in the U.S. has been on the rise on account of specific products provided by vendors for wind power deployment in residential applications.

What Does This Report Include?

This section will provide insights into the contents included in this U.S. residential solar pv market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.

U.S. residential solar pv market qualitative analysis

Industry overview
Industry trends
Market drivers and restraints
Market size
Growth prospects
Porter’s analysis
PESTEL analysis
Key market opportunities prioritized
Competitive landscape
- Company overview
- Financial performance
- Product benchmarking
- Latest strategic developments