Market Opportunity

United States:

Solar energy use increased at a record pace in the United States and throughout the world in 2008. The Solar Energy Industries Association (SEIA) released its "2008 U.S. Solar Industry Year in Review" which found that U.S. solar energy capacity increased by 17% last year, reaching the total equivalent of 8,775 megawatts (MW). However, this still represents less than 0.1% of the total generation capacity in the U.S. Over the next two decades, solar energy in the U.S. is projected to reach at least 10% of the total generation capacity resulting in a one-hundred-fold increase! A largest share of the solar generating capacity installed to meet this growth will be in the form of large utility-scale facilities. The total investment required to attain these solar power installation goals is on the order of $400 billion.

As noted in the SEIA report, solar power has been expanding rapidly in the past eight years, growing at an average pace of 40% per year. The cost per kilowatt-hour of solar power systems has also been dropping, while electricity generated from fossil fuels is becoming more expensive. As a result, the report projects that solar power will reach the cost equivalent of conventional power sources in many U.S. markets by 2015.

Canada:

Canada ranks 14th of 20 reporting International Energy Association (IEA) countries in deployment of Photovoltaic solar power capacity and ranks 17th of 22 reporting countries for solar thermal generation.
Natural Resources Canada states that Canada’s solar industry is quickly expanding and gaining ground as well in this exciting new market. Photovoltaic or “PV” technology is experiencing rapid growth and has become the most common form of renewable energy technology in the country. The advances in PV technology are due to many social, technological and economic factors, including the need to reduce greenhouse gas emissions, deregulation, renewable power mandates and the restructuring of electric power generating companies. It also indicates that Canada is at the forefront of the development of solar technology and is poised to profit from its progress.

Ontario has become the first Canadian province to introduce mandatory premium prices for electricity from solar PV systems. This should provide a major boost to the solar industry in Canada.