Solar is growing, and fast! Almost 75% of the 16 Gigawatts of growth in 2016 will be large utility-scale projects that will help to stabilize mid-day peak demand power prices.

The U.S. solar market is set to grow a staggering 119 percent this year, says GTM Research in its U.S. Solar Market Insight 2015 Year in Review, published in conjunction with the Solar Energy Industries Association (SEIA).

Led by the utility-scale segment, GTM Research forecasts 16 gigawatts of solar will be installed in the U.S. in 2016, more than doubling the record-breaking 7.3 gigawatts installed in 2015.

While utility-scale installations will represent 74 percent of the installations for the year, the residential and commercial markets will also experience strong growth in 2016. In fact, the U.S. is on the verge of its millionth solar installation.

“This is a new energy paradigm, and the solar industry officially has a seat at the table with the largest energy producers,” said SEIA president and CEO Rhone Resch. “Because of the strong demand for solar energy nationwide, and smart public policies like the Investment Tax Credit and net energy metering, hundreds of thousands of well-paying solar jobs will be added in the next few years, benefiting both America’s economy and the environment.”

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