Solar In the U.S.The Big Picture

Shayle KannVice President, Research

Greentech Media

September 14, 2013

The Global Context

WWW.GTMRESEARCH.COM

3

Global PV on the Rise

Source: GTM Research

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 -

5,000

10,000

15,000

20,000

25,000

30,000

35,000

251 361 503 926 1,171 1,667 2,469

5,709 7,284

17,843

27,901 30,011

Global PV Installed Capacity and Growth, 2000-2012

Annual Global PV Installations

Inst

alle

d C

apaci

ty (

MW

dc)

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Driven Largely by Plummeting Panel Prices

Source: GTM Research

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What Drove Such Rapid Growth?

Source: GTM Research

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A Market in Transition

The U.S. Solar Market

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We’ve Come a Long Way

Source: GTM Research/SEIA® U.S. Solar Market Insight TM

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Source: GTM Research/SEIA® U.S. Solar Market Insight TM

Residential Leasing

But Growth Has Been Concentrated

Reasons for Excitement

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11

1) Cost Reductions Still To Come

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2) Moving Beyond State Incentives

California PV Installations, 1H 2013

Source: GTM Research/SEIA® U.S. Solar Market Insight TM

No State Incentives

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Who Can Invest in Solar: 1975-2008

Buy Rooftop Solar 2.5 Million HouseholdsBuy

3) The Democratization of Solar Investment

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Who Can Invest in Solar: 2009-2010

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5.5 Million Households

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Lease

3) The Democratization of Solar Investment

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Who Can Invest in Solar: 2011-2012

Buy Rooftop Solar, Lease Rooftop Solar,Invest in Community Solar

Buy Rooftop Solar 2.5 Million Households

5.5 Million Households

11.1 Million Households

Buy

Lease

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3) The Democratization of Solar Investment

WWW.GTMRESEARCH.COM

Who Can Invest in Solar: 2013-?Buy Rooftop Solar,Lease Rooftop Solar, PACE Finance Solar,Invest in Crowdfunded Solar,Invest in Community Solar, Buy Solar MLPs,YieldCos, REITs, Buy Solar Securities

Buy Rooftop Solar, Lease Rooftop Solar,Invest in Community Solar

Buy Rooftop Solar 2.5 Million Households

5.5 Million Households

11.1 Million Households

73.0+ Million Individuals

Buy

Invest

Lease

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3) The Democratization of Solar Investment

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So: Big Things to Come

Source: GTM Research

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Thank You!

Shayle Kann

Vice President, Research

Greentech Media

kann@gtmresearch.com