Boston, MA – March 21, 2023
Today, EnergySage released its sixteenth Solar & Storage Marketplace Report. This semiannual report analyzes millions of transaction-level data points generated by quotes sent to homeowners shopping on EnergySage.com throughout the entirety of 2022 for solar panels, inverters, batteries, and more from solar companies in 41 states and Washington, DC.
For eight years the Solar & Storage Marketplace Report has provided an unparalleled look into the solar industry trends for pricing, equipment, and consumer preferences that are shaping today’s U.S. residential solar and energy storage market. Below are three key insights from this latest report, which can be downloaded for free at energysage.com/data.
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Solar prices continue to increase, rising over six percent year-over-year
Ongoing equipment supply constraints continue to impact pricing, as the quoted price of solar on EnergySage has increased to $2.85 per Watt, a 6.7 percent increase since the lowest price in early 2021. The installed cost of energy storage is up as well, increasing by $50 per kWh stored, or 3.9 percent, in 2022.
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More shifts in market share for the top quoted solar panel brands
In the second half of 2022, Q CELLS overtook REC as the most frequently quoted panel brand on EnergySage with more than one-quarter of all quotes including Q CELLS panels. Additionally, as installers looked to secure their supply during shortages in 2022, the share of quotes represented by the top three brands on EnergySage continued to drop – from 66 percent in 2021 to 58 percent in 2022. Enphase remained the most quoted inverter and battery storage brand.
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Installer brand loyalty continues to increase on EnergySage
In the second half of 2022, 59 percent of installers offered only a single inverter brand, the highest level of brand loyalty since EnergySage began tracking this information in 2014. Similarly, over one-third of installers only worked with a single solar panel brand in H2 2022, the highest level since 2015. More than just installer brand loyalty, these trends provide insight into consumer choice and supply chain availability as well.
“2022 was a transformative year for the solar and energy storage industry, marked by moments of celebration as well as new obstacles to overcome," said EnergySage CEO and founder Vikram Aggarwal. “While the solar tax credit was extended and expanded under the passing of the Inflation Reduction Act in August, we also saw California pass new rules that negatively affect its net metering program. Through these highs and lows, consumers continue to depend on EnergySage for help understanding and navigating the complexities of their electrification journey. Our unique, unbiased, first-party data is relied on by contractors, manufacturers, government agencies, policymakers, non-profits, and financing providers as well.”
EnergySage is the country’s leading online comparison-shopping marketplace for clean energy products. This latest report furthers the company’s mission to make clean energy and energy-saving solutions like rooftop solar, energy storage, community solar, and heat pumps more accessible and affordable through unbiased information, transparency, and choice. For questions and feedback about this or previous reports, please contact [email protected]
About EnergySage, Inc.
EnergySage is the leading online comparison-shopping marketplace for rooftop solar, energy storage, project financing, and community solar. Supported by the U.S. Department of Energy, EnergySage is trusted by over 10 million consumers across the country to help them make smarter energy decisions through simplicity, transparency, and choice. Unlike traditional 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 DSIRE, Environment America, Intuit, Kaiser Permanente, and National Grid point their audiences to EnergySage. Visit EnergySage for more information, and follow us on Facebook, Instagram, LinkedIn, Twitter, and YouTube.
