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Solar Power Generation to Double by 2010

solar-panels2A glut in solar panel capacity may mean this is the best opportunity for businesses to buy their own solar installations. New research suggest that global solar capacity may double by 2010, led by incentives in the U.S. and China.

New investments in clean energy could rise to $450 billion in 2012, or triple the $150 billion spent in 2007, according to information from Nomura Securities, Bloomberg reports.

In China, solar capacity is expected to hit 10 gigawatts by 2020, which equates to enough electricity for 10 million U.S. homes, according to the Chinese Renewable Energy Industries Association. Currently, China produces 1.8 gigawatts of electricity from solar.

While robust growth is expected in coming years, for now the market is oversupplied.

The solar panel market has 12 gigawatts of capacity for sale, versus only 6 gigawatts of demand on the market. Despite the oversupply, solar panel producers are expected to add 50 percent more next year, the article states.

Asian solar panel suppliers are selling most of what they manufacture, but European suppliers are sitting on about half their inventory.

As for the U.S., demand for solar panels could rise from 342 megawatts in 2008 to 2.13 gigawatts in 2012, reports SeekingAlpha.

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