Climate Change Industry Business Segment Review:

EBI Report 4110 The Solar Energy Industry

Part of the EBI Report 4000 Series on The Climate Change Industry

April 2015

A publication of Environmental Business International, Inc. 4452 Park Blvd. #306 San Diego CA 92116 619-295-7685 www.ebionline.org

EBI Report 4110

Table of Contents

1. Solar Energy Industry...... 1-7 1.1. Solar Energy Industry Overview ...... 1-7 1.1.1. Solar Industry Update 2014 ...... 1-12 1.1.2. Solar Services & Integration Challenge 2014...... 1-18 1.1.3. Solar Industry Update 2012-2013...... 1-28 1.1.4. Price Trends in Residential and Commercial PV in 2012 ...... 1-32 1.1.5. Solar Industry Update 2011 ...... 1-33 1.1.6. Community Solar Models...... 1-43 1.1.7. 2014 PV Market Statistics ...... 1-47 1.1.8. 2013 USA PV Market Statistics ...... 1-48 1.1.9. 2011 PV Market Statistics ...... 1-49 1.1.10. 2010 PV Market Statistics ...... 1-50 1.1.11. 2009 PV Market Statistics ...... 1-51 1.1.12. Recession Review: Solar Industry Weathers Downturn...... 1-51 1.1.13. Project Developers & Utility Entrants ...... 1-62 1.1.14. Integrators and Installers...... 1-63 1.1.15. U.S. Solar Market Review ...... 1-66 1.1.16. Concentrating PV...... 1-68 1.1.17. Integrators and Deal Specialists...... 1-69 1.2. PV Manufacturers...... 1-73 1.2.1. Manufacturers Battle for Share in Changing PV Market...... 1-73 1.2.2. 2008 PV Business Review...... 1-77 1.2.3. Thin-Film Technology...... 1-81 1.2.4. Commercial Market...... 1-83 1.2.5. Japan: Direct Selling Culture Favors Residential ...... 1-84 1.2.6. Off-Grid Residential Market...... 1-85 1.2.7. Solar Leasing and PPAs...... 1-90 1.2.8. Manufacturer Profile: SunPower ...... 1-93 1.2.9. Manufacturer Profile: Sharp ...... 1-96 1.2.10. Sharp Thin Film...... 1-97 1.2.11. Solar Grid Storage...... 1-98 1.2.12. Real Goods Solar Energy...... 1-101 1.2.13. Heliatek: BIPV...... 1-103 1.2.14. Distributor Profile: Alternative Energy Engineering...... 1-105 1.2.15. Profile: Holdings...... 1-107 1.2.16. Developer Profile: Sun Edison...... 1-109 1.3. Solar Investment ...... 1-112 1.3.1. Chrysalix Energy Partnerships...... 1-113 1.3.2. VantagePoint...... 1-117 1.3.3. Technology is the Acid Test for Investors...... 1-119 1.4. Market Drivers...... 1-120 1.4.1. Solar Renewable Energy Credits ...... 1-120 1.4.2. Federal & State Drivers: Installation ...... 1-126 1.4.3. State Policy Drivers...... 1-128 1.4.4. Regulators Wrestle With Getting PV on the Grid ...... 1-134

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1.4.5. Business Outlook: Q&A with ThomasLloyd...... 1-138 1.5. Concentrated ...... 1-140 1.5.1. Solar Thermal Power: Emerging Technologies...... 1-140 1.5.2. CSP Projects 2011...... 1-145 1.5.3. CSTP in Developing Markets ...... 1-151 1.5.4. Concentrating Photovoltaic Systems ...... 1-152 1.5.5. CSP In U.S. and Spain ...... 1-155 1.5.6. Storage For Peak Power...... 1-158 1.5.7. CSP Profile: Advantage Troughs...... 1-160 1.5.8. CSP Profile: Solar...... 1-160 1.5.9. CSP Profile: BrightSource ...... 1-162 1.5.10. CSP Profile: Ausra...... 1-163 1.5.11. CSP Profile: Skyfuel Inc...... 1-164 1.5.12. Developer Profile: Q&A with Fluor ...... 1-166 1.5.13. Developer Profile: Q&A with Bechtel...... 1-168 1.5.14. Developer Profile: Fotowatio...... 1-172 1.5.15. Concentrating Solar Power Technologies...... 1-173 1.5.16. C&E Firms: Challenges in CSP...... 1-174 1.6. Electric Utilities in Solar...... 1-177 1.6.1. Electric Utilities Review...... 1-177 1.6.2. Southern California Edison: 2014...... 1-180 1.6.3. Southern California Edison: 2010-2012 ...... 1-183 1.6.4. PG&E...... 1-191 1.6.5. AEP and Exelon Test Solar in the U.S. East...... 1-192 1.6.6. Utilities Weigh Risk of CSP Development...... 1-194 1.7. Installation Market...... 1-195 1.7.1. Commercial and Residential Installers ...... 1-195 1.7.2. Installer Profile: Solar City ...... 1-197 1.7.3. Installer Profile: Sage Renewables ...... 1-199 1.7.4. Installer Profile: Alteris Renewables Inc...... 1-201 1.7.5. Installer Profile: Premier Power Renewable Energy ...... 1-202 1.7.6. Installer Profile: DRI Companies...... 1-204 1.8. Solar Hot Water Heating...... 1-207 1.8.1. Solar Water in U.S., Europe and Canada...... 1-207 1.8.2. European SWH...... 1-208 1.8.3. SHW Profile: Alternate Energy Technologies...... 1-210 1.8.4. SHW Profile: Solar PST ...... 1-211 1.8.5. SHW Profile: EnerWorks ...... 1-211 1.9. Solar Consulting & Engineering...... 1-212 1.9.1. Solar engineering...... 1-212 1.9.2. 2011 C& E Update...... 1-215 1.9.3. Q&A: Amaresco ...... 1-221 1.9.4. C&E Profile: Lockheed and Starwood ...... 1-223 1.9.5. C&E Profile: O’Brien & Gere ...... 1-225 1.9.6. C&E Profile: CH2M Hill...... 1-226 1.9.7. C&E Profile: Black & Veatch QC Practice ...... 1-229

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1.9.8. C&E Profile: Black & Veatch...... 1-232 1.9.9. C&E Profile: Tetra Tech...... 1-232 1.10. CCBJ's Solar Energy Market Survey 2011...... 1-236

Climate Change Business Journal, 4452 Park Blvd, Suite 306, San Diego, CA 92116, Tel: 619-295-7685 Solar Energy Industry

Table of Figures

Figure 1-1 The $95-Billion Global Solar Energy Industry in 2010...... 1-7 Figure 1-2 The Solar Energy Industry: 2009-2010: USA and Global ($bil)...... 1-8 Figure 1-3 The $172-Billion Global Solar Energy Industry in 2013...... 1-8 Figure 1-4 The Solar Energy Industry: 2012-13: USA and Global ($bil)...... 1-9 Figure 1-5 The Global Solar Energy Industry 1999-2014 ($bil)...... 1-10 Figure 1-6 Global Solar Energy Industry 2004 – 2014 ...... 1-11 Figure 1-7 Annual Growth in U.S. Solar Energy Industry 2004 – 2014...... 1-12 Figure 1-8 Annual Growth in Global Solar Energy Industry 2004 – 2014 ...... 1-12 Figure 1-9 Solar Production: China vs. ROW, 1995-2010...... 1-27 Figure 1-10 Annual Global Solar Photovoltaic Installations in MW 2005 - 2010....1-35 Figure 1-11 Annual Global Solar Photovoltaic Installations in MW 2010-2013...... 1-35 Figure 1-12 Global Leaders in Solar Photovoltaic Production in MW 2006 – 2010 1-36 Figure 1-13 Solar PV Leaders: PV Module Shipments in MW 2011-2013...... 1-37 Figure 1-14 Growth in Energy Consumption by Renewable Energy Source 06-09 .1-39 Figure 1-15 Global M&A in Solar Energy...... 1-42 Figure 1-16 Top M&A Deals in Solar Energy ...... 1-43 Figure 1-17 Community Solar Project Scorecard...... 1-46 Figure 1-18 U.S. Grid-Connected PV Capacity 2003-2014 (MW)...... 1-48 Figure 1-19 Solar Photovoltaic Installations by State by MW in 2011-2013...... 1-49 Figure 1-20 The Global Solar Energy Industry in 2007 - 2011...... 1-52 Figure 1-21 The Global Solar Energy Industry in 2011-2015...... 1-52 Figure 1-22 The U.S. Solar Energy Industry 2007 - 2011...... 1-54 Figure 1-23 The U.S. Solar Energy Industry 2011-2015...... 1-55 Figure 1-24 Top-10 Suppliers of Solar Cells in 2008 and 2009 (production in MW) ..1- 56 Figure 1-25 Top Suppliers of Solar Cells: 2008 Revenues and Growth ...... 1-57 Figure 1-26 Top Chinese Suppliers of Solar Cells in 2008...... 1-57 Figure 1-27 Installed Cost of Photovoltaics In USA 2004 – 2014...... 1-59 Figure 1-28 Installed Cost of Photovoltaics ...... 1-60 Figure 1-29 Solar Projects: Operational and Under Development in the USA in 2009 1- 62 Figure 1-30 Global Leaders in Solar Photovoltaic Production in MW 2006 - 2010.1-74 Figure 1-31 2008 Global Leaders in PV Production in MW...... 1-75 Figure 1-32 2010 Global Leaders in PV Cell Manufacturer Production (%)...... 1-76 Figure 1-33 Global Leaders in Solar Photovaltaic Production in MW 2000-2007 ...1-76 Figure 1-34 2008 Global Leaders in Thin Film Production in MW...... 1-82 Figure 1-35 PV System Ownership in U.S. Market 2008 ...... 1-87 Figure 1-36 Grid-Tied PV by State in 2007 ...... 1-88 Figure 1-37 Grid-Tied PV by State in 2008 ...... 1-88 Figure 1-38 Grid-Tied PV by State in 2009-2010...... 1-89 Figure 1-39 Q1’07 – Q1’09 Revenues for 17 Publicly Traded PV Manufacturers...1-89 Figure 1-40 National Weighted Average System Prices, 2010 ...... 1-90 Figure 1-41 Global VC Investment in Solar 2002 - 2010 ...... 1-112 Figure 1-42 2010 Top VC Deals In Solar Energy ...... 1-113

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Figure 1-43 VC Investments in Solar ($mil) ...... 1-117 Figure 1-44 Global VC Investment in Solar 2002-2010 ...... 1-118 Figure 1-45 Grid-Tied PV Capacity in the States (MW-dc)...... 1-123 Figure 1-46 Utility-Scale Project Capacity by State and Completion Status (MW)1-124 Figure 1-47 Top 20 Projects in Commonwealth Solar Programs: State of Massachusetts 1-125 Figure 1-48 U.S. PV Installations and Global Market Share 2005 - 2015 ...... 1-127 Figure 1-49 Consumption of Thermal Solar Power by State, in Bbtu...... 1-131 Figure 1-50 : Megawatts of Capacity in Pipeline 2007-2014 1-141 Figure 1-51 Top Operational Solar Thermal Power Stations by MW...... 1-146 Figure 1-52 Major U.S. CSP Projects Under Construction...... 1-146 Figure 1-53 Concentrating Photovoltaic Companies...... 1-154 Figure 1-54 SCE’s Solar Photovoltaic Program Power Purchase Agreements...... 1-188 Figure 1-55 Global Solar Hot Water/Heating Capacity in 2006 (Total = 104 GWth) ..1- 209 Figure 1-56 Number of U.S. Companies Expecting to Introduce New Solar Thermal Collector Products in 2007...... 1-212 Figure 1-57 U.S. Solar Energy Consulting & Engineering and Construction ($mil)....1- 213 Figure 1-58 Concentrating Solar Power Projects In Development in the United States1- 214 Figure 1-59 Solar Projects: Operational and Under Development in the USA in 2009 1- 215 Figure 1-60 Projects Under Development: Photovoltaics (excluding Concentrating PV) 1-224 Figure 1-61 CSP Projects in Operation ...... 1-228 Figure 1-62 Top U.S. Renewable Energy Consulting & Engineering Companies in 2008 1-235

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