The American solar industry more than doubled in megawatts last year, from 887 megawatts installed in 2010 to 1,855 megawatts installed in 2011. This growth represents enough solar energy to power over 350,000 homes! 2011 also marks the first time the U.S. solar market has topped one gigawatt (1,000 MW) in a single year.
Many factors contributed to this growth. The cost of installing solar panels fell 20 percent last year due to lower component costs and improved installation efficiency. Expanded financing options and a shift toward larger systems nationwide also made solar more affordable. In addition the 1603 Treasury Program, which offered rebates for businesses that installed solar panels, ended Dec. 31, 2011. This looming deadline drove developers to commission projects before the end of the year.