New report finds solar prices decreased at an accelerated pace in 2020, with nearly one-fifth of all solar quotes below $2.50 per watt in the second half of 2020 on EnergySage
Today, EnergySage released its twelfth semi-annual Solar Marketplace Intel Report™, which is based on millions of transaction-level data points generated within the EnergySage Solar Marketplace throughout 2020. This report tracks the evolving pricing, equipment, and consumer preference trends shaping today's U.S. residential solar industry, and serves as a leading indicator of where the market is headed in 2021.
"In 2020, people spent more time in their homes, but they also spent more on their homes," said EnergySage CEO and founder Vikram Aggarwal. "At the same time, the consumer mindset has shifted, with interest in resiliency increasing significantly, whether due to the uncertainty of COVID-19, the wildfires and power shut offs in the West, major storm events in the East, or, most recently, the winter storm in Texas. We're excited-and proud-that the solar and storage industries are helping consumers to become more resilient and keep the lights on under any circumstances."
Key insights from the latest Solar Marketplace Intel Report include:
H2 2020 saw the largest drop in solar prices since 2017:
Quoted solar prices dropped by 3.5 percent on EnergySage between H1 2020 and H2 2020, the largest decrease since the first half of 2017. In fact, the percent of quotes below $2.50 per watt nearly doubled between the first and second half of the year on EnergySage.
Installers are quick to quote the newest equipment:
As evidenced by a jump in higher wattage solar panels quoted on EnergySage, solar companies are quick to learn about-and begin to sell-the newest technology available on the market: while two-thirds of quotes included sub-330-watt panels in H2 2019, 330 W-and larger-panels accounted for 69 percent of all quotes in H2 2020.
LG Energy Solutions overtook Tesla as the most quoted storage brand in Q4 2020:
In Q4 2020, nearly 40 percent of quotes on EnergySage included LG Energy Solutions, making it the most quoted storage brand on EnergySage. Tesla remained the least expensive storage option quoted. Batteries that utilize lithium iron phosphate (LFP) chemistry are quoted at much higher prices than batteries with nickel manganese cobalt (NMC) chemistry on EnergySage.
EnergySage is the most visited website in the U.S. solar industry and runs the country's leading comparison-shopping marketplace for rooftop solar, energy storage, community solar, and solar financing. This latest report furthers the company's mission to make solar more accessible and affordable for Americans through unbiased information, transparency, and choice.
The latest report can be downloaded for free at: www.energysage.com/data/#intel-12.
ABOUT ENERGYSAGE, INC.
EnergySage is the leading online comparison-shopping marketplace for rooftop solar, solar financing, energy storage, and community solar. Supported by the U.S. Department of Energy, EnergySage is now trusted by over 10 million consumers across the country to help them make smarter energy decisions through simplicity, transparency, and choice. Unlike lead-generation websites, EnergySage empowers consumers to request and compare competing quotes online from a network of more than 500 pre-screened installation companies - a formula that is proven to result in a higher rate of adoption, 20 percent lower prices on average for consumers, and significantly lower costs for renewable energy providers. For these reasons, leading organizations like Connecticut Green Bank, Duke University, Environment America, Kaiser Permanente, Environmental Working Group, and National Grid refer their audiences to EnergySage. Visit EnergySage for more information, and follow us on Facebook, Instagram, LinkedIn, Twitter, and YouTube.