EnergySage Unveils 18th Solar & Storage Marketplace Report: Key Insights from the Residential Solar Industry

EnergySage, a leading online marketplace for solar and storage, has recently released its highly anticipated 18th EnergySage Intel Solar & Storage Marketplace Report. This comprehensive report, which analyzes millions of homeowner shopping transactions from January to December 2023, offers valuable insights into the residential solar, energy storage, and home electrification industry in the United States.

Solar Prices Experience First Decrease Since 2021

One of the most significant findings of the report is the decline in solar prices. For the first time since mid-2021, solar prices on the EnergySage Marketplace dropped by 3.5% to $2.80 per watt. Additionally, quoted storage prices also saw a decrease of 6.4% in the second half of the year, marking the first decline since price tracking began in 2020.

Impact of Lower Interest Rate Loans

While the median interest rate for solar financing quotes increased to 5.5% in the second half of the year, the most frequently quoted solar loan featured a 25-year term with a 3.99% interest rate. However, it is important to note that loans with lower interest rates often come with higher fees. In fact, the average fee on the most quoted loan product reached a staggering 47% of the cash project cost during the same period.

Surge in Storage Interest in California

The report also sheds light on the changing landscape of energy storage trends. In the first half of 2023, California had the lowest level of storage interest on EnergySage. However, this dynamic shifted after the implementation of the Net Billing Tariff in April. In the second half of the year, California experienced the fifth-highest level of consumer interest in storage across the country.

EnergySage's COO, Charlie Hadlow, commented on the findings, stating, "The home electrification industry faced a challenging year in 2023 amidst a changing net metering landscape and persistent inflation. However, EnergySage Marketplace data shows a turning point could be just around the corner, with consumer demand holding strong and diversifying, while solar and storage prices have decreased."

EnergySage's Commitment to Making Clean Energy Accessible and Affordable

As an industry leader, EnergySage is dedicated to making clean energy and energy-saving solutions more accessible and affordable to households across the nation. Their mission is realized through the provision of unbiased information, transparency, and choice in products such as rooftop solar, energy storage, community solar, EV chargers, and heat pumps.

For inquiries or feedback regarding this or previous reports, please contact the EnergySage Intel team at intel@energysage.com. To access the full report and dive deeper into the latest industry insights, visit energysage.com/data.