EnergySage Releases Its nineteenth Photo voltaic & Storage Market Report – CleanTechnica – TechnoNews

Join every day information updates from CleanTechnica on e mail. Or comply with us on Google Information!

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

In the present day, EnergySage launched its nineteenth EnergySage Intel Photo voltaic & Storage Market Report. This semiannual report analyzes hundreds of thousands of transaction-level information factors from owners purchasing on EnergySage.com from January by 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 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 elements, together with current rate of interest cuts, counsel the trade 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 12 months.

Under are three key insights from our newest report, which could be downloaded without cost at energysage.com/information.

Residential photo voltaic costs method all-time lows, whereas storage costs attain new file 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 file 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,” stated 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 fee 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 fee of 70% following the implementation of the Internet Billing Tariff in April 2023. Nonetheless, the attachment fee exterior 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,” stated 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 fee, 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 common 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 offered an unparalleled look into the traits for pricing, tools, and client preferences shaping as we speak’s U.S. residential photo voltaic, vitality storage, and residential electrification trade.

“EnergySage was created to drive maximum transparency and help consumers find high-quality suppliers on our platform,” stated 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 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 best, most trusted approach 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 companion for a whole bunch of vetted and accredited photo voltaic, HVAC, and electrical installers, EnergySage allows buyers to request a number of high-quality quotes in minutes. With in-depth sources and unbiased assist, EnergySage makes the whole course of easy, low-stress, and extra reasonably priced for shoppers, whereas serving because the conduit for clear vitality 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 vitality transitions.

Courtesy of Vitality Sage.