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third-party-owned residential systems installed in 2012 (in MW) exceeded that of nonresidential systems by only 13 percent.23 The role of financing in the residential and nonresidential sectors is likely even higher than these data indicate, as they do not account for more traditional forms of financing, such as loans. Factors Affecting U.S. Supply and Demand for PV Services The key drivers of the U.S. PV market vary by segment, but are generally the declining price of PV installations and state and federal government policies. The market drivers are discussed in more detail below: Declining cost: The median price of distributed PV installations in the United States declined by more than 40 percent during 2002–11 (figure 3.5).24 FIGURE 3.5 The price of PV installations has declined more than 40 percent since 2002 11 10 9 8 7 6 5 4 2002 2003 Source: Barbose, Darghouth, and Wiser, Tracking the Sun V, November 2012, data file. 2010 2011 2004 2005 2006 2007 2008 2009 ≤ 10 kW 10-100 kW > 100 kW Price/watt (2011 $) Renewable portfolio standards (RPSs): RPSs have been one of the main drivers of PV installations. Twenty-nine states and the District of Columbia have RPSs, which require a certain percentage of electricity to come from renewable sources by a particular date, while eight states have renewable portfolio goals. Sixteen states and the District of Columbia have specific 23 CSI working dataset, January 2, 2013 (accessed January 9, 2013). 24 Distributed installations are residential and nonresidential installations, as opposed to utility installations. Industry representatives, interviews by USITC staff, October 22, 2012, October 23, 2012, and February 1, 2013; Kann, “The U.S. PV Market,” October 18, 2011; Trabish, “Emerging Solar Strategies,” November 23, 2012; SolarCity, “Form S-1,” October 5, 2012, 95; Barbose, Darghouth, and Wiser, Tracking the Sun V, November 2012, data file. 3-9PDF Image | Renewable Energy and Related Services: Recent Developments
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