Latest analysis of EnergySage Solar Marketplace data reveals accelerating decrease in solar prices, and how more quotes results in a greater probability of purchase
BOSTON, April 20, 2017 /PRNewswire/ -- EnergySage published today its fourth semiannual Solar Marketplace Intel Report™, providing a comprehensive analysis of consumer behavior, demographics, and preferences, as well as a complete account of industry trends in the U.S. residential solar market in 2016.
This latest edition of the industry-leading report presents several new datasets and analyses including an expanded list of new states, a review of the community solar landscape, and greater insights into solar shopper demographics. According to EnergySage data, the typical solar shopper is a mid-career male in his mid-40s with interests in real estate, financial services, and home services in addition to solar energy.
This most recent report also features a new section analyzing residential solar data by utility territory. EnergySage compared the levelized cost of energy (LCOE) of solar to today's electricity rates in territories served by Commonwealth Edison Co., Consolidated Edison (ConEd), Dominion Power, Florida Power & Light Co., Southern California Edison, and Xcel Energy. In all service areas, the LCOE of solar is lower than the 2016 residential electricity rate offered by the utility, affirming the comparative benefits of solar as a low-cost energy source.
Other key insights in the latest Solar Marketplace Intel Report include:
Solar prices are falling at accelerating rate
Between H1 2016 and H2 2016, gross cost per watt on EnergySage dropped by 6.25%. That is more than triple the rate of decline from the first EnergySage Solar Marketplace Intel Report from July 2014 to June 2015, and the greatest rate of decline measured in any of the reports to date. This trend may reflect improved operational efficiencies at solar companies, lower customer acquisition costs via online channels like EnergySage, increased competition, and the low cost of solar panels and inverters.
More quotes result in more sales
Consumers who receive offers from multiple solar installers are significantly more likely to complete a solar purchase. EnergySage users who received 5+ quotes in 2016 were nearly eight times more likely to buy than those who received only one quote. These results offer a clear message: quotes from multiple installers will increase consumer confidence, and solar shoppers should be encouraged to seek multiple quotes.
Solar shoppers are mostly male
EnergySage used Solar Marketplace demographic data to develop a profile of today's solar-interested consumers, and found that three out of every four solar shoppers (77%) are male. This gender imbalance presents an opportunity for the solar industry to develop new messaging and outreach strategies to attract more female shoppers, and expand the product category to achieve true mass-market appeal.
"This latest report speaks to the importance of transparency and comparison-shopping in residential solar," said EnergySage CEO and founder Vikram Aggarwal. "For the consumer, getting more quotes empowers them to make better-informed decisions. For the installer, more quotes results in increased consumer confidence, which in turn results in a higher likelihood of purchase. Comparison-shopping platforms like EnergySage make win-win situations like this possible."
EnergySage is the country's leading online comparison-shopping marketplace for rooftop solar, community solar, and solar financing, and is uniquely positioned to share solar market insights. This report furthers EnergySage's mission to support the healthy growth of the solar industry via consumer education and empowerment, price transparency, and greater information sharing among all stakeholders.
The latest report can be downloaded for free at: www.energysage.com/data/
About EnergySage, Inc.
EnergySage is the leading online comparison-shopping marketplace for rooftop solar, community solar, and financing. Supported by the U.S. Department of Energy, EnergySage is the trusted source of information for over 1 million consumers across 30+ states. In 2016, the company sent nearly $1 billion in solar installation requests to its network of more than 350 pre-screened solar installation companies, and served as a high-quality lead source for solar financing companies and powerful distribution channel for solar equipment manufacturers. EnergySage is unique in that it allows consumers to request and compare competing quotes online, unlike traditional lead-generation websites. For this reason, leading organizations like Kaiser Permanente, National Grid, Schneider Electric, and Staples refer their audiences to EnergySage to empower them as they consider solar. The EnergySage formula of unbiased information, transparency and choice helps consumers go solar with confidence - at a higher rate of adoption, and lower cost. For more information, please visit EnergySage and follow us on Facebook, Twitter and LinkedIn.