Contents:

TABLE OF CONTENTS: 1 Global PV Demand Through 2012: The Anatomy of a Shakeout II 1.1 An Integrated Model of Supply and Demand 1.2 Report Methodology and Scope 1.3 Key Findings 1.4 Report Structure 2 A Modern History of Global PV Demand 2.1 Global PV Demand Drivers 2.1.1 The Benefits of PV 2.1.2 Historical Demand Growth 2.1.3 Historical Global PV Module Revenue Growth 2.2 Major Markets: A Jumping Off Point 2.2.1 Germany Tries to Tame Growth 2.2.2 Spain Hits No. 1 2.2.3 Japan Comes Back From the Edge 2.2.4 The U.S. Begins to Realize Its Potential 2.3 Regional Demand 2.3.1 Major Demand Centers Concentrate Around Support Programs… 2.3.2 …As the Balance of Trade Shifts to Traditional Manufacturing Regions 2.4 Toward Price Elasticity of Demand 3 Understanding Demand Formation 3.1 Variables Affecting Market Demand for PV 3.1.1 Technical Variables 3.1.2 Cost Variables 3.1.3 Financing Variables 3.2 A Methodology for Determining Equity IRR 3.2.1 Why Equity IRR Matters More Than Project IRR 3.3 Demand Starts at the Project 3.3.1 Large Rooftops Drive Value in Germany 3.3.2 Large Systems Predominate in Spain 3.3.3 Japan’s Residential Focus 3.3.4 The United States: PV’s Melting Pot 3.4 Equity IRR Estimation Results 3.4.1 Declining Feed-In Tariffs Reveal Long-Term Value in German Commercial Systems 3.4.2 Spain’s Potential 3.4.3 A Sustainable Market in Japan 3.4.4 California Leads the Way 3.5 c-Si Maximizes Gross Returns While Thin Film Maximizes Equity IRR 3.6 Sensitivity Analysis 3.6.1 IRR Sensitivity 3.6.2 Average Selling Price Sensitivity 4 Base Case Demand Forecast 4.1 Potential Demand vs. Actual Demand 4.2 A Methodology for Estimating Potential Demand 4.3 Country-Level Base Case Demand Forecast 4.3.1 Will Germany Break the Growth Corridors? 4.3.2 100,000 More Solar Roofs in Japan 4.3.3 The U.S. Breaks 1 GW. But When? 4.4 Global Base Case Demand Forecast 5 The Impact of the Recession: A Downside Demand Forecast 5.1 Country-Level Downside Demand Forecast 5.1.1 Feed-In Tariffs Sustain the German Market 5.1.2 Low Interest Rates Keep Japan Isolated 5.1.3 More Value from Fewer Projects in the United States 5.2 Global Downside Demand Forecast 6 Global Supply and Demand Reconciliation 6.1 Analyzing Market Equilibriums 6.2 Global PV Supply Review, 2008–2012 6.2.1 Volumes 6.2.2 Costs 6.2.3 Supply Curves 6.3 Reconciliation Methodology 6.4 Reconciliation Results: Supply, Demand, and Pricing Forecast, 2009–2012 6.4.1 Global Supply and Demand Curves 6.4.2 Global PV Demand Forecast, 2009–2012 6.4.3 Regional Demand Forecast, 2009–2012 6.4.4 Module Pricing Forecast, 2009–2012 6.4.5 Market Size and Revenue Forecast, 2009–2012 6.5 Country-Level PV Demand Forecast, 2009–2012 6.5.1 PV Demand in Germany, 2007–2012 6.5.2 PV Demand in Japan, 2007–2012 6.5.3 PV Demand in the United States, 2007–2012 6.6 The PV Market Has Reached an Inflection Point 7 A New Solar Reality? 7.1 Who Gets Through: The Composition of Equilibrium Supply 7.2 Using the Triage System for Comparative Analysis 7.2.1 Tier 1: In the Clear 7.2.2 Tier 2: Uncertain Prospects, and a Struggle to Survive 7.2.3 Tier 3: Victims of the Shakeout 7.3 Market Share: Thin Film Makes Huge Strides 7.4 Capacity Utilization: Multi c-Si and Commoditized a-Si to Face Overcapacity Problems 7.5 Selling Prices and Margins by Technology 7.5.1 Factoring out the Efficiency Differential 7.5.2 De-normalized Module Prices by Technology 7.5.4 “Winning” Module Cost Structures 7.6 Quantifying Risk Premiums 7.7 What if CIGS Ramps Slower Than Expected? 7.8 Supply Sensitivity to Demand Curve Position 7.9 The Emergence of Price Elasticity of Demand 7.10 Utilities Win: Go Big or Go Home 7.11 When Will Subsidies Become Unnecessary? 7.12 Grid Parity: Are We There Yet? 7.13 Concluding Thoughts: A Silver Lining? 8 Appendix - Country Profiles United States The United States’ Electricity Sector Insolation in the United States Development of the United States’ PV Market PV Support Programs in the United States California New Jersey Massachusetts Germany Germany’s Electricity Sector Insolation in Germany Development of the German PV Market The German PV Program Spain Spain’s Electricity Sector Insolation in Spain Development of the Spanish PV Market The Spanish PV Program Italy Italy’s Electricity Sector Insolation in Italy Development of the Italian PV Market The Italian PV Program France France’s Electricity Sector Insolation in France Development of the French PV Market The French PV Program Greece Greece’s Electricity Sector Insolation in Greece Development of the Greek PV Market The Greek PV Program Portugal Czech Republic The Netherlands Japan Japan’s Electricity Sector Insolation in Japan Development of the Japanese PV Market The Japanese PV Program South Korea South Korea’s Electricity Sector Insolation in South Korea Development of the South Korean PV Market The South Korean PV Program Australia Australia’s Electricity Sector Insolation in Australia Development of the Australian PV Market The Australian PV Program China India United Arab Emirates LIST OF FIGURES: Figure 1-1: Annual Global PV Demand, Module ASP, and Annual Module Sales Revenue Growth, 2000 – 2008 Figure 1-2: Global Base Case Demand Stack, 2010 Figure 1-3: Global Supply and Demand Reconciliation, 2012 Figure 1-4: Percentage Change in Module ASP Required to Maintain Equity IRR in Germany, 2009 Figure 1-5: Thin-Film Market Share of Supply At or Below Market-Clearing Module Price, 2009–2012 Figure 1-6: LCOE and Feed-in Tariff Rate for a 1 MW c-Si Commercial Rooftop in Germany, 2008–2012 Figure 2-1: Comparison of Generating Technologies by LCOE Cost Components Figure 2-2: PV Output and Cal-ISO System Demand Load Figure 2-3: Annual Global PV Demand, 1993–2008 Figure 2-4: PV Demand by Country and Region, Market-Clearing Module ASP, and Global Revenue, 2000–2008 Figure 2-5: Annual Global Sales Revenue from Modules Installed, 1993–2008 Figure 2-6: Annual Sales Revenue Growth from Modules Installed, 1994–2008 Figure 2-7: Market Share of Demand by Major Market, 2000–2008 Figure 2-8: Annual PV Demand in Germany, 2000–2008 Figure 2-9: Germany’s Feed-in Tariff and Annual PV Demand, 2000–2008 Figure 2-10: Annual Aggregate Cost of Germany’s Feed-in Tariff, 2000–2007 Figure 2-11: Average Annual Household Cost of Germany’s Feed-in Tariff, 2000–2007 Figure 2-12: Annual PV Demand in Spain, 2000–2008 Figure 2-13: Annual PV Demand in Japan, 2000–2008 Figure 2-14: Annual PV Demand in the United States, 2000–2008 Figure 2-15: Annual PV Demand by State, 2000–2008 Figure 2-16: Grid-Ted Market Share: California vs. Rest of the United States, 2000–2008 Figure 2-17: Annual Regional PV Demand, 2000–2008 Figure 2-18: Annual Regional PV Demand by Market Share, 2000–2008 Figure 2-19: Net Module Imports and Exports by Major Production Region, 2000–2008 Figure 2-20: Comparison of Market Clearing Module ASPs and Annual Global PV Demand, 1993–2008 Figure 2-21: Price Elasticity of Demand in the Global PV Market, 1993–2008 Figure 3-1: A Quick Note on Exchange Rates Figure 3-2: Market Share by Application in Germany, 2006–2008 Figure 3-3: Technical Assumptions for Projects in Germany Figure 3-4: System Cost Assumptions for a 1-MW c-Si Rooftop in Germany, 2008–2012 Figure 3-5: Financing Assumptions for a 1-MW c-Si Rooftop in Germany, 2008–2012 Figure 3-6: Technical Assumptions for Projects in Spain Figure 3-7: System Cost Assumptions for a 10-MW c-Si Ground Mount 1-Axis in Spain, 2008–2012 Figure 3-8: Financing Assumptions for a 10-MW c-Si 1-Axis in Spain, 2008–2012 Figure 3-9: Market Share by Application in Japan, 2005–2008 Figure 3-10: Technical Assumptions for a 4 kW c-Si Rooftop in Japan Figure 3-11: System Cost Assumptions for a 4 kW c-Si Rooftop in Japan, 2008–2012 Figure 3-12: Financing Assumptions for a 4 kW c-Si Rooftop in Japan, 2008–2012 Figure 3-13: Grid-Tied Market Share by Application in the United States, 2002–2007 Figure 3-14: Technical Assumptions for Projects in California Figure 3-15: System Cost Assumptions for a 1-MW Thin-Film Rooftop in California, 2008–2012 Figure 3-16: Financing Assumptions for a 1-MW Thin-Film Rooftop in California, 2008–2012 Figure 3-17: Equity IRR Results for German Projects, 2008–2012 Figure 3-18: LCOE and Feed-In Tariff Rate for a 1-MW c-Si Commercial Rooftop Compared to Average Retail Electricity Rate in Germany, 2008–2012 Figure 3-19: Equity IRR Results for Spanish Projects, 2008–2012 Figure 3-20: LCOE and Feed-in Tariff Rate for a 10-MW c-Si Ground Mount 1-Axis Project Compared to Average Retail Electricity Rate in Spain, 2008–2012 Figure 3-21: Equity IRR Results for the Japanese Project, 2008–2012 Figure 3-22: LCOE for a 4 kW c-Si Rooftop Compared to Average Retail Electricity Rate in Japan, 2008–2012 Figure 3-23: Equity IRR Results for the California Projects, 2008–2012 Figure 3-24: LCOE and Performance-Based Incentive for a 1-MW Thin-Film Commercial Rooftop Compared to Average Commercial Electricity Rate in California, 2008–2012 Figure 3-25: EBITDA for 10-MW c-Si and Thin-Film Projects in Spain, 2008–2012 Figure 3-26: Equity IRR Results for Spanish Projects, 2008–2012 Figure 3-27: Total Area Required for 10-MW c-Si and Thin-Film Projects in Spain Figure 3-28: IRR Sensitivity Analysis for a 1-MW c-Si Commercial Rooftop in Germany, 2009 Figure 3-29: IRR Sensitivity for a 4 kW c-Si Residential Rooftop in Japan, 2009 Figure 3-30: IRR Sensitivity for a 1-MW Thin-Film Commercial Rooftop in California, 2009 Figure 3-31: IRR Sensitivity to Module ASP, 2009 Figure 3-32: IRR Sensitivity to Module ASP, 2010 Figure 3-33: IRR Sensitivity to Real Interest Rate, 2009 Figure 3-34: IRR Sensitivity to Real Interest Rate, 2010 Figure 3-35: Module ASP Change Required to Maintain Equity IRR, 2009 Figure 3-36: Percentage Change in Module ASP Required to Maintain Equity IRR, 2009 Figure 4-1: Estimated Module ASP Ranges, 2009–2012 Figure 4-2: Base Case Demand, Equity IRR and Module ASP in Germany, 2009 Figure 4-3: The 2009 EEG Revision Growth Corridors, 2009–2011 Figure 4-4: Germany’s Base Case Demand Stack and Weighted Average Equity IRRs, 2009 Figure 4-5: Germany’s Base Case Demand Estimation Results, 2009–2012 Figure 4-6: Germany’s Base Case Demand Curves, 2009–2012 Figure 4-7: Base Case Demand, Equity IRR, and Module ASP in Japan, 2009 Figure 4-8: Japan’s Base Case Demand Stack and Equity IRRs, 2009 Figure 4-9: Japan’s Base Case Demand Estimation Results, 2009–2012 Figure 4-10: Japan’s Base Case Demand Curves, 2009–2012 Figure 4-11: Base Case Demand, Weighted Average Equity IRR, and Module ASP for the United States, 2009 Figure 4-12: The United States’ Base Case Demand Stack and Weighted Average Equity IRRs, 2009 Figure 4-13: The United States’ Base Case Demand Estimation Results, 2009–2012 Figure 4-14: The United States’ Base Case Demand Curves, 2009–2012 Figure 4-15: Global Base Case Demand Stack, 2009 Figure 4-16: Global Base Case Demand Stack, 2010 Figure 4-17: Global Base Case Demand Stack, 2011 Figure 4-18: Global Base Case Demand Stack, 2012 Figure 4-19: Global Base Case Demand Estimation Results, 2009–2012 Figure 4-20: Global Base Case Demand Curves, 2009–2012 Figure 5-1: Downside Demand, Weighted Average Equity IRR, and Module ASP in Germany, 2009 Figure 5-2: Germany’s Downside Demand Stack and Weighted Average Equity IRRs, 2009 Figure 5-3: Germany’s Base Case and Downside Demand Stacks, 2009 Figure 5-4: Downside Demand, Equity IRR, and Module ASP in Japan, 2009 Figure 5-5: Japan’s Downside Demand Stack and Equity IRRs, 2009 Figure 5-6: Japan’s Base Case and Downside Demand Stacks, 2009 Figure 5-7: Downside Demand, Weighted Average Equity IRR, and Module ASP in the United States, 2009 Figure 5-8: The United States’ Downside Demand Stack and Weighted Average Equity IRRs, 2009 Figure 5-9: The United States’ Base Case and Downside Demand Stacks, 2009 Figure 5-10: Global Downside Demand Stack, 2009 Figure 5-11: Global Downside Demand Stack, 2010 Figure 5-12: Global Downside Demand Estimation Results, 2009–2012 Figure 5-13: Global Downside Demand Curves, 2009–2012 Figure 6-1: Base Case Global Supply and Demand Reconciliation, 2009–2012 Figure 6-2: Historical and Producible Module Output by Technology Figure 6-3: PV Module Manufacturing Costs and Prices, 2010 Figure 6-4: Global PV Module Supply Stacks, 2008–2012 Figure 6-5: Efficiency-Normalized Global PV Module Supply Stacks, 2008–2012 Figure 6-6: Efficiency-Normalized Global PV Module Supply Stacks, 2010, Color-coded by Technology/Location Figure 6-7: Global Supply and Demand Reconciliation, 2009 Figure 6-8: Global Supply and Demand Reconciliation, 2010 Figure 6-9: Global Supply and Demand Reconciliation, 2011 Figure 6-10: Global Supply and Demand Reconciliation, 2012 Figure 6-11: PV Demand by Country and Region, Market Clearing ASP, and Global Module Sales Revenue, 2007–2012 Figure 6-12: Annual Global PV Demand, 2007–2012 Figure 6-13: Modules Installed and Channel Inventory, 2007–2012 Figure 6-14: Base Case Annual Regional PV Demand, 2007–2012 Figure 6-15: Base Case Annual PV Demand by Major Production Region, 2009–2012 Figure 6-16: Regional Market Share of Demand, 2009–2012 Figure 6-17: Supply Entering Market at Market Clearing Price by Major Production Region, 2009–2012 Figure 6-18: Regional Market Share of Production at Equilibrium Market Clearing Price, 2009–2012 Figure 6-19: Net Modules Imports as a Percentage of Domestic Module Demand in Major Production Regions, 2009–2012 Figure 6-20: Base Case c-Si and Thin-Film Module ASP, 2006–2012 Figure 6-21: Base Case Market-Clearing ASPs and Weighted Average Blended Module ASPs, 2006–2012 Figure 6-22: Base Case Efficiency Normalized and Final Market Clearing ASPs, 2009–2012 Figure 6-23: Base Case and Downside Market Clearing ASPs, 2009–2012 Figure 6-24: Base Case Annual Revenue from Modules Installed, 1993–2012 Figure 6-25: Base Case Annual Revenue Growth from Modules Installed, 1994–2012 Figure 6-26: Base Case and Downside Total Revenue, 2008–2012 Figure 6-27: Revenue Sensitivity to Module ASP, 2009 Figure 6-28: Market Share of Major Markets, 2008–2012 Figure 6-29: Equity IRR Values by Project Type in Germany, 2009–2012 Figure 6-30: Market Share by Application in Germany, 2009–2012 Figure 6-31: Base Case Demand and Weighted Average Equity IRR in Germany, 2007–2012 Figure 6-32: Base Case Demand and Equity IRR in Japan, 2007–2012 Figure 6-33: Equity IRR Values by Project Type in California, 2009–2012 Figure 6-34: Market Share by Application in the United States, 2009–2012 Figure 6-35: Base Case Demand and Weighted Average Equity IRR in the United States, 2007–2012 Figure 6-36: Historical and Base Case Supply, Demand and Pricing Forecast, 2007–2012 Figure 6-37: Historical and Downside Supply, Demand and Pricing Forecast, 2007–2012 Figure 7-1: Summary of Supply at or Below Equilibrium Price—Base Case, 2009–2012 Figure 7-2: Summary of Supply Entering Stack at 15 Percent Above Equilibrium Price) Figure 7-7: Producible Thin-Film Modules as Percentage of Total, 2009–2012 Figure 7-8: Thin-Film Market Share, 2009–2012, Base Case (Percent of Supply At/Below Equilibrium) Figure 7-9: Historical and Projected Global Module Capacity, 2007–2012 (MW) Figure 7-10: Mid-Year Capacity Utilization by Technology 2009–2012, Base Case Figure 7-11: Mid-year Capacity Factors for Crystalline Silicon-Based Technologies, 2009-2012, Base Case Figure 7-12: Efficiency-adjustment of Costs and Prices for Super Monocrystalline Silicon Producer Figure 7-13: De-normalized Module Prices by Technology, 2009–2012 ($/W)7.5.3 Profit Margins Figure 7-14: Profit Margins by Technology/Location, 2009–2012 Figure 7-15: Summary of Prices, Costs and Profit Margins by Technology/Location, 2009–2012 Figure 7-16: Highest “Winning” Module Cost Structure, 2010 and 2012 Figure 7-17: Supply at/below Equilibrium, 2009, Base Case vs. “Risk Premium” Case Figure 7-18: Percentage of Supply at/below Equilibrium Price by Location/Technology, “Risk Premium” Case Figure 7-19: Tier 1 Supply, “Risk Premium” Case Figure 7-20: Potential vs. Projected CIGS Capacity, 2009–2012, Base Case Figure 7-21: Producible CIGS Modules: Base Case vs. “Slow CIGS Ramp” Case Figure 7-22: 2012 Supply-Demand Reconciliation—Base Case vs. “Slow CIGS Ramp” Cases Figure 7-23: Equilibrium ASP—Base Case vs. “Slow CIGS Ramp” Case Figure 7-24: Equilibrium Demand—Base Case vs. “Slow CIGS Ramp” Case Figure 7-25: Crystalline Silicon Supply at/below Equilibrium, Base Case vs. “Slow CIGS Ramp” Case Figure 7-26: Tier 1 (Better Than 15 Percent Below Equilibrium) Supply—”Slow CIGS Ramp” Case Figure 7-27: Base Case vs. “Slow CIGS Ramp” Case Results Figure 7-28: Equilibrium Supply Sensitivity to Market Clearing Price, Base Case, 2009 Figure 7-29: Market-Clearing Price Sensitivity to Demand Curve, 2009 Base Case Figure 7-30: Market-Clearing Price Sensitivity to Demand Curve, 2010 Base Case Figure 7-31: Market Clearing ASPs and Annual PV Demand, 1993–2012 Figure 7-32: Price Elasticity of Demand, 1994–2012 Figure 7-33: Equity IRRs of 1-MW Thin-Film Rooftop With Third Party and Utility Financing Structures Compared with 50-MW c-Si 1-Axis and 50-MW Thin-Film Fixed Mount in California, 2009–2012 Figure 7-34: Equity IRRs of 1-MW Thin-Film Rooftop Without PBI, 50-MW c-Si 1-Axis, and 50-MW Thin- Film Fixed Mount with Utility Financing Structure in California, 2009–2012 Figure 7-35: Impact of ITC on LCOE for a 50-MW c-Si 1-Axis and 50-MW Thin-Film Fixed Mount in California, 2008–2012 Figure 7-36: Impact of PBI and ITC on LCOE for a 1-MW Thin-Film Rooftop in California, 2008–2012 Figure 7-37: Impact of EPBB and ITC on LCOE for a 4 kW c-Si Rooftop in California, 2008–2012 Figure 7-38: LCOE and Installed Cost for a 50-MW c-Si 1-Axis, 50-MW c-Si Fixed Mount, and 50-MW Thin-Film Fixed Mount in California, 2008–2012 Figure 7-39: LCOE for a 50-MW c-Si 1-Axis and 50-MW Thin-Film Fixed Mount Compared with California Wholesale Power Price, 2008–2012 Figure 7-40: LCOE for 1-MW Thin-Film Rooftop Compared with SCE Standard Offer Contract Price and SCE Real Average Commercial Electricity Rate, 2008–2012 Figure 8-1: Total Electricity Generation by Source in the United States, 2007 Figure 8-2: Global Insolation in the United States Figure 8-3: Annual and Cumulative PV Demand in the United States, 2000–2008 Figure 8-4: Annual and Cumulative PV Demand in the United States, 2000 – 2012 Figure 8-5: Solar Electricity Generation in the United States, 2000–2008 Figure 8-6: Annual and Cumulative PV Demand in the United States, 2000 – 2012 Figure 8-7: Annual and Cumulative PV Demand in California, 2000–2008 Figure 8-8: Annual and Cumulative PV Demand Outside of California, 2000–2008 Figure 8-9: Renewable Portfolio Standards in the United States Figure 8-10: CSI Steps by Utility and Application as of January 20, 2009 Figure 8-11: EPBB Subsidies and Capacity Steps Figure 8-12: EPBB Subsidies and Capacity Steps Figure 8-13: PBI Subsidies and Capacity Steps Figure 8-14: PBI Subsidies and Capacity Steps Figure 8-15: Total Electricity Generation by Source in Germany, 2006 (GWh) Figure 8-16: Global Insolation in Germany Figure 8-17: Solar Electricity Generation in Germany, 2000–2007 Figure 8-18: Annual and Cumulative PV Demand in Germany, 2000 – 2012 Figure 8-19 Annual and Cumulative PV Demand in Germany, 2000 – 2012 Figure 8-20: Feed-In Tariff Rates in Germany, 2007–2014 (€/kWh) Figure 8-21: Feed-In Tariff and Inflation-Adjusted Electricity Rates in Germany, 2007–2014 Figure 8-22: Total Electricity Generation by Source in Spain, 2007 (GWh) Figure 8-23: Global Insolation in Spain Figure 8-24: Annual and Cumulative PV Demand in Spain, 2000 – 2012 Figure 8-25: Annual and Cumulative PV Demand in Spain, 2000 – 2012 Figure 8-26: Solar Electricity Generation in Spain, 2000–2007 Figure 8-27: Feed-In Tariffs Under Royal Decree 661/2007 Figure 8-28: Feed-In Tariffs and Capacity Caps Under Royal Decree 1578/2008 for Ground Mount Systems in Spain Figure 8-29: Feed-In Tariffs and Capacity Caps under Royal Decree 1578/2008 for Small Rooftop Systems in Spain Figure 8-30: Feed-In Tariffs and Capacity Caps under Royal Decree 1578/2008 for Medium Rooftop Systems in Spain Figure 8-31: Feed-In Tariff Digressions in Spain, 2009–2010 Figure 8-32: Total Electricity Generation by Source in Italy, 2006 Figure 8-33: Global Insolation in Italy Figure 8-34: Annual and Cumulative PV Demand in Italy, 2002 – 2012 Figure 8-35:Annual and Cumulative PV Demand in Italy, 2002 – 2012 Figure 8-36: Feed-in Tariff Rates for BIPV Systems in Italy, 2007 - 2014 Figure 8-37: Feed-in Tariff Rates for Rooftop Systems in Italy, 2007 - 2014 Figure 8-38: Feed-in Tariff Rates for Ground Mount Systems in Italy, 2007 - 2014 Figure 8-39: Feed-In Tariff Rates for BIPV Systems in Italy, 2007–2014 Figure 8-40: Feed-In Tariff Rates for Rooftop Systems in Italy, 2007–2014 Figure 8-41: Feed-In Tariff Rates for Ground Mount Systems in Italy, 2007–2014 Figure 8-42: Total Electricity Generation by Source in France, 2006 Figure 8-43: Global Insolation in France Figure 8-44: Annual and Cumulative PV Demand in France, 2000 – 2012 Figure 8-45: Annual and Cumulative PV Demand in France, 2000 – 2012 Figure 8-46: Feed-in Tariffs in France, 2006 -2014 Figure 8-47 Feed-in Tariffs in France, 2006 -2014 Figure 8-48: Total Electricity Generation by Source in Greece, 2006 Figure 8-49: Global Insolation in Greece Figure 8-50: Annual and Cumulative PV Demand in Greece, 2006 – 2012 Figure 8-51: Annual and Cumulative PV Demand in Greece, 2006 – 2012 Figure 8-52: Greece’s New Feed-In Tariff Schedule, 2009–2014 Figure 8-53: Greece’s New Feed-In Tariff Schedule, 2009–2014 Figure 8-54: Global Insolation in Portugal Figure 8-55: The 11 MW Serpa PV Project in Alentejo, Portugal Figure 8-56: Global Insolation in the Czech Republic Figure 8-57: A 40 kW Rooftop System at Masaryk University in Brno, Czech Republic Figure 8-58: Global Insolation in the Netherlands Figure 8-59: Part of the 2.3 MW PV Roof at the Floriade Exhibition Hall in Haarlemmermeer, Netherlands Figure 8-60: Total Electricity Generation by Source in Japan, 2006 Figure 8-61: Global Insolation in Japan Figure 8-62: Annual and Cumulative PV Demand in Japan, 2000 – 2012 Figure 8-63: Annual and Cumulative PV Demand in Japan, 2000 – 2012 Figure 8-64: Japan’s Residential Support Program, 2001–2005 Figure 8-65: Total Electricity Generation by Source in South Korea, 2006 Figure 8-66: Global Insolation in South Korea Figure 8-67: Annual and Cumulative PV Demand in South Korea, 2005 – 2012 Figure 8-68: Annual and Cumulative PV Demand in South Korea, 2005 – 2012 Figure 8-69: Feed-In Tariff Levels in South Korea, 2006–2014 Figure 8-70: Feed-In Tariff Levels in South Korea, 2006–2014 Figure 8-71: Total Electricity Generation by Source in Australia, 2006 Figure 8-72: Global Insolation in Australia Figure 8-73: Annual and Cumulative PV Demand in Australia, 2000 – 2012 Figure 8-74: Annual and Cumulative PV Demand in Australia, 2000 – 2012 Figure 8-75: Feed-In Tariff Levels in China, 2006–2014 Figure 8-76: Annual and Cumulative PV Demand in China, 2000 – 2012 Figure 8-77: Annual and Cumulative PV Demand in China, 2000 – 2012 Figure 8-78: India’s Feed-In Tariff Schedule, 2008–2014 Figure 8-79: Annual and Cumulative PV Demand in India, 2000–2012 Figure 8-80: Annual and Cumulative PV Demand in India, 2000–2012 Figure 8-81: A PV Module Competition at Masdar City, Abu Dhabi

Author

Daniel Englander: Daniel Englander’s research focuses on finance and investment in renewable energy technologies with a specific emphasis on the utility and power generation sector. Before joining Greentech Media, Daniel worked for the Supreme Court & Appellate Practice Group at Mayer Brown LLP in Washington, D.C. Daniel received his Bachelor’s in International and Comparative Policy Studies from Reed College in 2005. He is currently writing his master’s thesis in Environmental Management at Harvard University on the hedging value of renewable energy in the power sector. Daniel is also the Assistant Editor of PVNews. Shyam Mehta: Shyam Mehta is a Senior Analyst at Greentech Media, focusing on global solar markets. Before joining Greentech Media, Shyam was a Financial Analyst at Goldman Sachs Global Investment Research where he covered equities in the alternative energy sector, primarily solar companies. Prior to Goldman, Shyam was a Research Analyst at The Brattle Group, an economic consulting firm, where his work focused on problems within the electricity industry. Shyam received his Bachelor’s in Mathematics from U.C. Berkeley. He is the primary author of the recently published PV Technologies, Production and Costs, 2009 Forecast. Travis Bradford: Travis founded the Prometheus Institute in 2003. Prior to founding the Prometheus Institute, Travis was a partner at Steel Partners II, L.P., a hedge fund based in New York investing in publicly traded and privately owned businesses. In this capacity, Travis served as a board member and active management participant in businesses ranging from industrial filters to fertilizer distributors. Travis is the author of Solar Revolution: The Economic Transformation of the Global Energy Industry (MIT, 2006). He has worked for the Federal Reserve Bank, has lectured at top universities including Columbia University, Duke University, and New York University on finance and entrepreneurship, and is co-author of a paper in the Journal of Applied Corporate Finance entitled “Private Equity: Source