Solar industry posts strong growth in 2008

Solar energy capacity in the United States grew by 17 percent in 2008, according to a preliminary report released today by the Solar Energy Industries Association.

But Rhone Resch, the president of the solar group, warned that the financial crisis has hit the industry hard, since financing for projects has largely dried up.

“We’re not immune to the recession at all,” he said at a briefing for journalists this morning in Washington. “This first quarter has been brutal.”

Of the four types of solar power surveyed, photovoltaic capacity grew especially quickly, at 44 percent over total installed capacity through 2007. Solar hot water installations also showed strong growth, according to a March 19 article in The New York Times article.

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