Here are 3 standout rooftop solar trends that emerged in 2023
Here are three standout rooftop solar trends that emerged in 2023 – and how they impact consumers who want to switch to clean energy.
EnergySage today released its 18th Solar & Storage Marketplace Report, and the online comparison solar and storage shopping marketplace shared it with Electrek for a look.
EnergySage analyzed millions of homeowner shopping transactions on its website for solar panels, inverters, batteries, and more from solar companies in 41 states and Washington, DC. Its calendar year 2023 report looks at trends in rooftop solar pricing, equipment, and consumer preferences.
Below are three key insights that EnergySage identified in this new report:
Solar prices fell for the first time since 2021
For the first time since mid-2021, solar prices decreased on the EnergySage Marketplace, dropping by 3.5% to $2.80 per watt. Quoted storage prices also fell 6.4% on EnergySage in the second half of 2023, decreasing for the first time since it began tracking prices in 2020.
Lower interest rate loans can come with large fees
The median interest rate for quotes that included financing increased to 5.5% in the second half of 2023, but the most frequently quoted solar loan was a 25-year loan with a 3.99% interest rate.
But loans with lower interest rates come at a cost: The average solar loan fee on the most quoted product reached 47% of the cash project cost in the year’s second half.
Battery storage interest increased sharply (in CA)
In the first six months of 2023, California had the lowest level of home battery storage interest of any state on EnergySage. But in the year’s second half, California saw the fifth-highest consumer interest in battery storage in the US.
That radical shift happened after the state launched the Net Billing Tariff (NBT) in April, which incentivizes battery storage adoption by crediting customers for electricity they export based on its value to the grid. The NBT helps balance the grid and controls electricity costs for everyone.
To illustrate EnergySage’s findings, let’s take a quick look at Sunrun. The US’s largest solar installer reported in its fourth-quarter earnings yesterday that “storage attachment rates on installations reached 45% in Q4, up from 15% at the beginning of year, with 219.7 MWh installed during the quarter. Recent sales activities are at 48% nationally, with California exceeding 85% of all new customers, including storage with the solar system.”
EnergySage COO Charlie Hadlow had this to say about the report’s findings:
The home electrification industry faced a challenging year in 2023 amid a changing net metering landscape and persistent inflation.
However, EnergySage Marketplace data shows a turning point could be just around the corner, with consumer demand holding strong and diversifying while solar and storage prices have decreased.
The latest EnergySage report provides a unique perspective for this dynamic but resilient moment in the industry, both from the installer and the homeowner perspectives.
Read more: US rooftop solar has grown 10x in 10 years – here’s what drove it
To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. – ad*
FTC: We use income earning auto affiliate links. More.
Here are three standout rooftop solar trends that emerged in 2023 – and how they impact consumers who want to switch to clean energy.
EnergySage today released its 18th Solar & Storage Marketplace Report, and the online comparison solar and storage shopping marketplace shared it with Electrek for a look.
EnergySage analyzed millions of homeowner shopping transactions on its website for solar panels, inverters, batteries, and more from solar companies in 41 states and Washington, DC. Its calendar year 2023 report looks at trends in rooftop solar pricing, equipment, and consumer preferences.
Below are three key insights that EnergySage identified in this new report:
Solar prices fell for the first time since 2021
For the first time since mid-2021, solar prices decreased on the EnergySage Marketplace, dropping by 3.5% to $2.80 per watt. Quoted storage prices also fell 6.4% on EnergySage in the second half of 2023, decreasing for the first time since it began tracking prices in 2020.
Lower interest rate loans can come with large fees
The median interest rate for quotes that included financing increased to 5.5% in the second half of 2023, but the most frequently quoted solar loan was a 25-year loan with a 3.99% interest rate.
But loans with lower interest rates come at a cost: The average solar loan fee on the most quoted product reached 47% of the cash project cost in the year’s second half.
Battery storage interest increased sharply (in CA)
In the first six months of 2023, California had the lowest level of home battery storage interest of any state on EnergySage. But in the year’s second half, California saw the fifth-highest consumer interest in battery storage in the US.
That radical shift happened after the state launched the Net Billing Tariff (NBT) in April, which incentivizes battery storage adoption by crediting customers for electricity they export based on its value to the grid. The NBT helps balance the grid and controls electricity costs for everyone.
To illustrate EnergySage’s findings, let’s take a quick look at Sunrun. The US’s largest solar installer reported in its fourth-quarter earnings yesterday that “storage attachment rates on installations reached 45% in Q4, up from 15% at the beginning of year, with 219.7 MWh installed during the quarter. Recent sales activities are at 48% nationally, with California exceeding 85% of all new customers, including storage with the solar system.”
EnergySage COO Charlie Hadlow had this to say about the report’s findings:
The home electrification industry faced a challenging year in 2023 amid a changing net metering landscape and persistent inflation.
However, EnergySage Marketplace data shows a turning point could be just around the corner, with consumer demand holding strong and diversifying while solar and storage prices have decreased.
The latest EnergySage report provides a unique perspective for this dynamic but resilient moment in the industry, both from the installer and the homeowner perspectives.
Read more: US rooftop solar has grown 10x in 10 years – here’s what drove it
To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. – ad*
FTC: We use income earning auto affiliate links. More.
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