Residential photo voltaic and battery storage market EnergySage simply launched its newest insights report for H1 2024 – listed here are 3 of its top-line findings.
EnergySage* offers quotes to photo voltaic buyers throughout 50 states and Washington D.C., so it will get nice perception into what’s taking place within the residential photo voltaic and battery storage sector.
The “nineteenth EnergySage Intel Photo voltaic & Storage Market Report” analyzes tens of millions of transaction-level knowledge factors from owners purchasing on EnergySage.com from January by June 2024 for photo voltaic panels, inverters, batteries, and extra.
After a difficult however record-breaking yr in 2023 for residential photo voltaic installations within the US, the primary six months of 2024 have been characterised by near-record-low photo voltaic costs, persistently excessive rates of interest, surging house owner demand for storage, and shifting shopper motivations. These elements, together with current rate of interest cuts, recommend 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 yr.
Under are three key insights from EnergySage‘s newest report:
Residential photo voltaic costs method 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 price reductions are enabling extra owners to make the swap to scrub power,” stated 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.”
Battery storage buy skyrockets
The share of US owners 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 Internet Billing Tariff in April 2023. Nevertheless, the attachment price exterior California additionally rose steeply to 22%. For the primary time, the report consists of highlights from a shopper resiliency survey and a house owner product curiosity survey, that includes insights on battery curiosity, setup, and shopper satisfaction.
“We’ve seen a major improve in storage adoption, pushed by evolving insurance policies, decrease lithium costs, and shopper demand for power resilience,” stated Emily Walker, senior analysis analyst at EnergySage. “The excessive attachment charges throughout the nation sign that extra owners are prioritizing power independence alongside photo voltaic as they turn out to be extra 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.
“EnergySage was created to drive most transparency and assist shoppers discover high-quality suppliers on our platform,” stated 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 truth 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 ways, EnergySage’s method has by no means been extra essential to the sustainable progress of those industries.”
*EnergySage is a trusted affiliate of Electrek
Learn extra: Right here’s how the Fed’s rate of interest lower goes that will help you go photo voltaic
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