Barclays Capital, a global investment bank, yesterday announced that the solar industry would grow faster than expected over the next few years as U.S. utilities invest in large-scale solar farms.
To date, only 444 megawatts of solar energy have been put in place by U.S. utility companies. Experts predict that this amount will increase 12-fold in the coming years as a result of plans for new solar farms in California, Hawaii, Florida, and Arizona.
As many banks are still in turmoil, federal stimulus funds will play an important part in the success of these solar projects. However, some utility companies are claiming that the government has not been clear as to how to access the federal money for such projects. The Treasury Department and the Department of Energy are expected to provide this information in the months ahead.