SAN FRANCISCO (Dow Jones)--Defying a global trend of weak solar demand, owners of homes and businesses in California installed a record 78 megawatts of solar panels in the first quarter of 2009, the California Public Utilities Commission said Friday. While solar-panel prices have fallen 25% or more, on average, due to a global slowdown in demand, rooftop solar panels remain in high demand in California, the world's third-largest solar market, the CPUC data show.
The strength of California's solar market is due largely to generous state incentives, coupled with federal tax credits that greatly reduce the cost of installation and the fact that California has among the highest utility rates in the nation, making self-generated solar power competitive with conventional utility power, especially for large users.
The state is spending $3.3 billion to install 3,000 megawatts of solar panels over 10 years.
-By Cassandra Sweet, Dow Jones Newswires; 415-439-6468; cassandra.sweet@dowjones.com
ARTICLE CONTINUES HERE AT THE WALL STREET JOURNAL
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