SOURCE: REC Group

REC Group

August 13, 2015 11:00 ET

REC Group Soars Toward the Top of U.S. Residential Solar Rankings

SAN FRANCISCO, CA--(Marketwired - Aug 13, 2015) - REC Group, the largest European brand of solar panels, grabbed the number-three slot among solar panel suppliers to the U.S. residential market during the first quarter of 2015, according to the most recent GTM Research U.S. PV Leaderboard report. The company also claimed the top position among module companies supplying the California residential sector.

REC saw its estimated share climb to 14% in the U.S. state residential markets sampled in the report, up from 6% in the fourth quarter of 2014 and 2.7% for the first quarter of 2014. For California, the Q1 2015 data showed REC with an estimated 22.5 megawatts (MW) of total installed capacity, ahead of the next competitor's supply to the California residential market.

Despite the scheduled sunset of the Federal Investment Tax Credit (ITC) from 30% to 10% at the beginning of 2017, REC management believes the U.S. solar market will continue to see solid growth, especially in the residential and commercial sectors. Factors such as a variety of low-cost capital options for solar photovoltaic (PV) and ongoing system cost and soft cost reductions will offset the potential ITC-related effects on the market. The company is pursuing and signing major utility supply deals in the U.S. as well, since demand for REC's high-quality, tariff-free panels remains robust.

"The latest GTM Research PV Leaderboard reflects REC Group's impressive surge in the U.S. residential solar sector over the past several quarters," said Steve O'Neil, CEO of REC Group. "Our overall U.S. business accounted for half of the company's module shipments during the most recent quarter. The U.S. continues to be a strong market for us, with 818 MW of PV panels scheduled for delivery to REC's residential, commercial, and utility customers in 2015 and 2016."

The GTM Research U.S. PV Leaderboard combines detailed project-level data with survey data collected directly from installers and suppliers to produce the most comprehensive market share estimates available for the U.S. solar market. The report, published quarterly, provides national market share estimates for installers, panels and inverter manufacturers as well as selected state-by-state breakdowns.

REC Group will be showcasing its high-quality, tariff-free solar PV panel solutions in Booth 3505 at Solar Power International 2015, which takes place at the Anaheim (CA) Convention Center on September 15-17. 

About REC
REC Group is the largest European solar PV brand, with more than 15 million high-quality panels produced at the end of 2014. With integrated manufacturing from polysilicon to wafers, cells, panels and turnkey solar solutions, REC strives to help meet the world's growing energy needs. In partnership with a sales channel of distributors, installers and EPCs, REC panels are installed globally. Founded in 1996, REC is a Bluestar Elkem company with headquarters in Norway and operational headquarters in Singapore. REC's 1,800 employees worldwide generated revenues of $680 million in 2014.
Find out more about REC at www.recgroup.com

Contact Information

  • For further information, please contact:
    Agnieszka Schulze
    Public Relations Manager
    REC
    Leopoldstr. 175, 80804 Munich, Germany
    Phone: +49 89 54 04 67 225
    Email: Email Contact

    Cameron Crowe
    Account Director
    Impress Labs
    811 Sansome St. San Francisco, CA 94110
    Phone +1 415 835 8420
    Email Email Contact