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Newest report indicators a possible photo voltaic business inflection level with near-record low pricing and surging demand for power storage
As we speak, EnergySage launched its nineteenth EnergySage Intel Photo voltaic & Storage Market Report. This semiannual report analyzes hundreds of thousands of transaction-level information factors from householders purchasing on EnergySage.com from January by means of June 2024 for photo voltaic panels, inverters, batteries, and extra from photo voltaic firms in 48 states and Washington, D.C.
After a difficult however record-breaking yr in 2023 for residential photo voltaic installations within the U.S., the primary six months of 2024 have been characterised by near-record-low photo voltaic costs, persistently excessive rates of interest, surging home-owner demand for storage, and shifting shopper motivations. These elements, together with current rate of interest cuts, counsel the business is at a turning level, with the potential for decrease photo voltaic and storage pricing, higher-quality tools, and higher financing choices within the second half of the yr.
Under are three key insights from our newest report, which might be downloaded free of charge at energysage.com/information.
Residential photo voltaic costs strategy all-time lows, whereas storage costs attain new document lows
Photo voltaic costs fell for the second six-month interval in a row, reaching $2.69 per watt and nearing the all-time lowest quoted costs EnergySage has seen since starting to trace information in 2014. Quoted storage costs additionally dropped, setting a document low of $1,133 per kilowatt-hour saved.
“We’re at a pivotal moment for solar pricing, where ongoing cost reductions are enabling more homeowners to make the switch to clean energy,” mentioned Spencer Fields, EnergySage’s Director of Insights. “The combination of near-record low prices and more consumer-friendly financing options is creating new opportunities for wider adoption.”
Storage attachment price skyrockets nationwide
The proportion of householders nationwide buying a battery with their photo voltaic panels on EnergySage.com climbed to 34% within the first half of 2024. California was a key driver, with an attachment price of 70% following the implementation of the Web Billing Tariff in April 2023. Nevertheless, the attachment price outdoors California additionally rose steeply to 22%. For the primary time, the report contains highlights from a client resiliency survey and a house owner product curiosity survey, that includes insights on battery curiosity, setup, and client satisfaction.
“We’ve seen a significant increase in storage adoption, driven by evolving policies, lower lithium prices, and consumer demand for energy resilience,” mentioned Emily Walker, Senior Analysis Analyst at EnergySage. “The high attachment rates across the country signal that more homeowners are prioritizing energy independence alongside solar as they become more economical.”
Installers are quoting higher-interest price, lower-cost mortgage merchandise
From H2 2023 to H1 2024, the median rate of interest in quotes elevated from 5.5% to 7.49%, whereas the typical mortgage price dropped from 47% to 40%, respectively. Probably the most-quoted mortgage product in H1 2024 was a 7.99%, 20-year mortgage with no charges, driving the spike within the median rate of interest and drop in common mortgage price.
For a decade, the Photo voltaic & Storage Market Report has offered an unparalleled look into the developments for pricing, tools, and client preferences shaping in the present day’s U.S. residential photo voltaic, power storage, and residential electrification business.
“EnergySage was created to drive maximum transparency and help consumers find high-quality suppliers on our platform,” mentioned Charlie Hadlow, President and COO of EnergySage. “This report is just one piece of that puzzle and serves to help industry stakeholders separate the signal from the noise and fact from fiction. With high-profile solar bankruptcies like SunPower and Titan Solar Power, along with more attention on a subset of players using aggressive sales tactics, EnergySage’s approach has never been more crucial to the sustainable growth of these industries.”
This newest report furthers the corporate’s mission to make clear power and energy-saving options like rooftop photo voltaic, power storage, group photo voltaic, EV chargers, and warmth pumps extra accessible and inexpensive by means of trusted sources, unbiased recommendation, and a easy purchasing expertise. For questions or to inquire about further insights, please contact intel@energysage.com.
About EnergySage, Inc.
EnergySage is the only, most trusted strategy to comparability store and save on high-quality clear power and energy-saving options, together with rooftop photo voltaic, power storage, warmth pumps, EV chargers, and group photo voltaic. Because the trusted associate for a whole lot of vetted and accredited photo voltaic, HVAC, and electrical installers, EnergySage permits buyers to request a number of high-quality quotes in minutes. With in-depth sources and unbiased assist, EnergySage makes the complete course of easy, low-stress, and extra inexpensive for shoppers, whereas serving because the conduit for clear power firms and suppliers in all 50 states and D.C. to develop their enterprise, scale back prices, and simplify their operations. For these causes, main organizations like Nationwide Grid, MassCEC, Sierra Membership, Intuit, SEIA, and NCSU’s DSIRE level their audiences to EnergySage to start their clear power transitions.
Courtesy of Power Sage.
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