EnergySage Releases Its nineteenth Photo voltaic & Storage Market Report

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Newest report indicators a possible photo voltaic trade inflection level with near-record low pricing and surging demand for vitality storage

At the moment, EnergySage launched its nineteenth EnergySage Intel Photo voltaic & Storage Market Report. This semiannual report analyzes hundreds of thousands of transaction-level knowledge factors from householders purchasing on EnergySage.com from January by June 2024 for photo voltaic panels, inverters, batteries, and extra from photo voltaic corporations in 48 states and Washington, D.C.

After a difficult however record-breaking 12 months 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 components, together with latest rate of interest cuts, counsel the trade is at a turning level, with the potential for decrease photo voltaic and storage pricing, higher-quality gear, and higher financing choices within the second half of the 12 months.

Beneath are three key insights from our newest report, which might be downloaded without cost at energysage.com/knowledge.

Residential photo voltaic costs strategy all-time lows, whereas storage costs attain new report 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 knowledge in 2014. Quoted storage costs additionally dropped, setting a report low of $1,133 per kilowatt-hour saved.

“We’re at a pivotal second for photo voltaic pricing, the place ongoing value reductions are enabling extra householders to make the change to wash vitality,” mentioned Spencer Fields, EnergySage’s Director of Insights. “The mix of near-record low costs and extra consumer-friendly financing choices is creating new alternatives for wider adoption.”

Storage attachment charge skyrockets nationwide

The share of house owners 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 charge of 70% following the implementation of the Internet Billing Tariff in April 2023. Nevertheless, the attachment charge exterior California additionally rose steeply to 22%. For the primary time, the report consists of 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 big enhance in storage adoption, pushed by evolving insurance policies, decrease lithium costs, and client demand for vitality resilience,” mentioned Emily Walker, Senior Analysis Analyst at EnergySage. “The excessive attachment charges throughout the nation sign that extra householders are prioritizing vitality independence alongside photo voltaic as they turn out to be extra economical.”

Installers are quoting higher-interest charge, 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 charge dropped from 47% to 40%, respectively. Essentially 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 charge.

For a decade, the Photo voltaic & Storage Market Report has supplied an unparalleled look into the developments for pricing, gear, and client preferences shaping right now’s U.S. residential photo voltaic, vitality storage, and residential electrification trade.

“EnergySage was created to drive most transparency and assist shoppers discover high-quality suppliers on our platform,” mentioned Charlie Hadlow, President and COO of EnergySage. “This report is only one piece of that puzzle and serves to assist trade stakeholders separate the sign from the noise and reality from fiction. With high-profile photo voltaic bankruptcies like SunPower and Titan Photo voltaic Energy, together with extra consideration on a subset of gamers utilizing aggressive gross sales techniques, EnergySage’s strategy has by no means been extra essential to the sustainable progress of those industries.”

This newest report furthers the corporate’s mission to make clear vitality and energy-saving options like rooftop photo voltaic, vitality storage, neighborhood photo voltaic, EV chargers, and warmth pumps extra accessible and reasonably priced by trusted sources, unbiased recommendation, and a easy purchasing expertise. For questions or to inquire about extra 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 vitality and energy-saving options, together with rooftop photo voltaic, vitality storage, warmth pumps, EV chargers, and neighborhood photo voltaic. Because the trusted accomplice for tons of of vetted and accredited photo voltaic, HVAC, and electrical installers, EnergySage permits customers to request a number of high-quality quotes in minutes. With in-depth sources and unbiased help, EnergySage makes the whole course of easy, low-stress, and extra reasonably priced for shoppers, whereas serving because the conduit for clear vitality corporations and suppliers in all 50 states and D.C. to develop their enterprise, cut 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 vitality transitions.

Courtesy of Power Sage.