By a staff reporter
Residential solar PV systems are being installed in the US at a rate of one unit every four minutes, according to an industry analyst.
GTM Research vice president Shayle Kann told PV-Tech that although the data was taken from the first quarter of this year, the frequency of installations illustrates a bullish trend for the residential market.
GTM Research forecasts that there will be 136,000 systems installed this year, 128,000 of which will be residential. That is a sizeable increase from the 43,000 system installations between 2006 and 2010, which amounts to a rate of one system every 80 minutes.
Mr Kann thinks residential installations could grow as rapidly as one system every 83 seconds by 2016, according to PV-Tech.
Mr Kann attributed the rise in installation rates to lower prices and access to financing through third party leases in the US.