On September 7, EnergySage released its 17th EnergySage Intel Solar & Storage Marketplace Report. This semiannual report analyzes millions of homeowner shopping transactions on EnergySage.com throughout a 12-month period for solar panels, inverters, batteries and more from solar companies in 41 states and Washington, DC.
For nearly a decade, the Solar & Storage Marketplace Report has provided a look into solar industry trends for pricing, equipment and consumer preferences that are shaping today’s U.S. residential solar and energy storage market. Below are three key insights from the company’s latest report, which can be downloaded for free at energysage.com/data, covering the timeframe from July 2022 through June 2023.
Solar and storage prices increase again, but at a slower rate
Solar prices increased on the EnergySage Marketplace over the last two years, though more gradually in the first half of 2023 to $2.90/W, a 1.8% increase. Quoted storage prices also increased over the same period by 1%. Notably, solar prices began to decline on EnergySage in July and August, with early Q3 pricing data showing a 3.5% drop compared to pricing in the first half of 2023.
Solar financing terms shifted with rising interest rates
Between the second half of 2022 and the first half of 2023, the most frequently quoted solar loan on the EnergySage Marketplace shifted from a 1.99% interest rate on a 25-year loan term, to a 3.99% interest rate for a loan of the same length. That rate increase translates to an additional $30 per monthly payment for a $30,000 solar loan.
Most quoted OEM brands remained at the top, while new entrants emerged
The same brands remained the most frequently quoted on the EnergySage Marketplace: Q CELLS for solar panels and Enphase for inverters and solar batteries. At the same time, a few new brands broke into the top 10 most quoted, or gained market share across different categories, including Waaree solar panels, Hoymiles inverters and FranklinWH batteries.
“Between the changing net-metering landscape in California to start the year, and the slowdown in overall consumer demand challenging the solar industry this summer, 2023 has been a tumultuous period so far,” said EnergySage CEO and founder Vikram Aggarwal. “At this unique moment for the solar industry, the activity within the EnergySage Marketplace, and the analysis of those trends found within this report, provide a unique perspective for the state of the industry, both from the installer and the homeowner perspectives.”
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