First Solar’s foray into markets outside
Arizona-based First Solar is looking at building new, and restarting or improving existing production lines, in 2015 because it expects more business in the next two years, said First Solar CEO, Jim Hughes, while discussing the company’s third-quarter earnings with analysts. The company also develops power projects and is building hundreds of megawatts worth of solar farms in California alone.
The growth will not only come from First Solar’s foray into markets outside of the U.S. but also the within their home turf, where the end of a 30 percent federal investment tax credit at the end of 2016 is prompting solar project builders try to beat that deadline.
The investment tax credit has driven much of the solar market growth in the U.S. Power project investors, including homeowners who purchase instead of lease their solar panels, could take 30 percent of the cost of a project off their income taxes. That tax credit is set to disappear after Dec. 31, 2016 for homeowners and drop to 10 percent for other types of projects.
The U.S. market has been among the top three big-growth markets worldwide. Solar panel installations in the country will likely grow 36 percent to reach 6.5 gigawatts in 2014, said GTM Research.