Solar power generation has had a pretty impressive run as of late. After adding 3.3 gigawatts of generation capacity in 2012, it appears as though 2013 is stacking up to be even better. According to the Solar Market Insight report for the first quarter just released by the Solar Energy Industries Association and GTM Research, the U.S. added 723 megawatts of capacity to the grid and is on pace to add 4.4 gigawatts this year. What is even more surprising in this report, though, is the huge uptick in residential installations. These types of installations grew by 53% year over year.
Advancements in solar panel technology are driving a large part of this trend, but there are some other reasons the solar market could continue to do well in the future. In this video, Fool.com contributors Tyler Crowe and Aimee Duffy discuss some of these reasons and take a look at a couple of solar stocks that should be on your radar.
One company that could prove to be a big winner in the solar power surge is First Solar, the top solar panel manufacturer in the U.S. This recent surge in solar installations has helped bring First Solar back, so is it time to put some First Solar stock in your portfolio? If you're looking for continuing updates and guidance on the company whenever news breaks, The Motley Fool has created a brand-new report that details every must-know side of this stock. To get started, simply click here now.