Success Solar Group - U.S. Solar Power Capacity Grew 58% In 2010

Online, March 10, 2011 (Newswire.com) - The United States installed 956 megawatts of solar power in 2010, for an increase of about 58%, to 2600 total megawatts of installed capacity. Thats enough to power 500,000 homes, according to a report released today by the Solar Energy Industries Association.

That, however, still only represents less than 1% of all electrical power capacity in the U.S.

Photovoltaic (PV) installations led the charge, with 102% growth in 2010 over 2009. That was actually outpaced by global growth of 130%, meaning the United State's share of the PV market actually fell to 5% from 6.5%.

Many European countries, such as Germany, Italy, Spain, and the U.K. are contemplating cuts to government support for solar power this year, which would lead to a drop in prices but also a providing a great opportunity for American customers.

As a result, First Solar (NASDAQ:FSLR), the largest manufacturer of thin-film solar modules in the world, expects the U.S. to be its biggest market this year. The company has 2,400 megawatts of North American projects in its development pipeline, according to a spokesman for the Tempe, Arizona based company.

First Solar has a potential upside of 14.3% based on a current price of $139.77 and an average consensus analyst price target of $159.71.

First Solar is currently below its 50-day moving average (MA) of $149.34 and should find support at its 200-day MA of $135.65.

In the last five trading sessions, the 50-day MA has climbed 0.45% while the 200-day MA has risen 0.35%.

First Solar, Inc. designs and manufactures solar modules. The Company uses a thin film semiconductor technology to manufacture electricity-producing solar modules.