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Study: U.S. Solar Energy Market to Reach $12B by 2012

02/29/2008
Solar power revenues in the United States will triple over the next five years to reach nearly $12 billion, up from $3.8 billion in 2007, according to a report from Specialists in Business Information (SBI). But the report warns that there are several major obstacles that the industry must overcome before solar power reaches the mainstream. Pricing, affordability, and lack of financing, are, according to the report, preventing solar energy from advancing as far as it could. However, the study's authors believe that technological momentum, increased private-sector solar investment, and growing public-sector support will push solar power into the record numbers they predict. "In the past, there was little support," says Tatjana Meerman, SBI's publisher. "However, recent incentives from Capital Hill provide users of solar energy with tax credits and rebates on solar systems." She also cites the Solar Energy Initiative, a White House movement to provide solar energy manufacturers with government funding for R&D, as an important development.

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