The UK has the fastest-growing market for photovoltaic (PV) solar energy installations this year, according to iSuppli.
Installations of PV systems in the UK will total 96Megawatts (MW) this year, said iSuppli.
This is a significant increase on the 6MW figure for 2009.
The next fastest-growing country market is Spain, which is estimated to rise by approximately 730% in 2010.
“Things definitely are looking brighter for the solar market in the United Kingdom in 2010, as the country has adopted attractive Feed-in-Tariffs (FIT) to promote PV adoption,” said Dr. Henning Wicht, senior director and principal analyst for iSuppli.
“Furthermore, with leading solar country Germany cutting its FITs, the focus of the PV world is shifting to places with more favourable incentives—making the United Kingdom a solar hotspot this year,” added Wicht.
The market researcher estimates that PV installations will continue to rise in the 50% range for each year through 2014.
According to the United Kingdom’s Department of Energy and Climate Change, a typical household that installs a well-positioned 2.5 Kilowatt (KW) system could save £140 per year on its electricity bill.
Installations conducted since July 2009 can retroactively qualify for the tariff. Returns on Investment (ROIs) for advantageous residential projects can approach 12%, iSuppli calculates.
See: Sharp, ST, Enel, To Make PV Panels In Sicily