Boston, MA – February 22, 2024
Today, EnergySage released its 18th EnergySage Intel Solar & Storage Marketplace Report. This semiannual report analyzes millions of homeowner shopping transactions on EnergySage.com from January 2023 through December 2023 for solar panels, inverters, batteries, and more from solar companies in 41 states and Washington, D.C.
For nearly a decade, the Solar & Storage Marketplace Report has provided an unparalleled look into the trends for pricing, equipment, and consumer preferences shaping today’s U.S. residential solar, energy storage, and home electrification industry.
After a dynamic year for home electrification, navigating California’s net metering changes and continued inflation, below are three key insights from our latest report, which can be downloaded for free at energysage.com/data.
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Solar prices decreased for the first time since 2021
For the first time since mid-2021, solar prices decreased on the EnergySage Marketplace, dropping by 3.5% to $2.80 per watt. Quoted storage prices also fell by 6.4% on EnergySage in the second half of the year, decreasing for the first time since we began tracking prices in 2020.
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Lower interest rate loans come with large fees
The median interest rate for quotes that included financing increased to 5.5% in the second half of the year, but the most frequently quoted solar loan was a 25-year loan with a 3.99% interest rate. Loans with lower rates come at a cost: the average fee on the most quoted loan product reached 47% of the cash project cost in the second half of the year.
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Storage interest increased sharply in California following the NBT
In the first six months of 2023, California had the lowest level of storage interest of any state on EnergySage. That dynamic shifted after the implementation of the Net Billing Tariff in April: In the second half of 2023, California saw the fifth-highest level of consumer interest in storage interest rate in the country.
“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,” said EnergySage COO Charlie Hadlow. “The latest EnergySage report provides a unique perspective for this dynamic but resilient moment in the industry, both from the installer and homeowner perspectives.”
This latest report furthers the company’s mission to make clean energy and energy-saving solutions like rooftop solar, energy storage, community solar, EV chargers, and heat pumps more accessible and affordable through unbiased information, transparency, and choice. For questions and feedback about this or previous reports, please contact intel@energysage.com.
About EnergySage, Inc.
EnergySage is the simplest, most trusted way to comparison shop and save on high-quality clean energy and energy-saving solutions including rooftop solar, energy storage, heat pumps, EV chargers, and community solar. As the trusted partner for hundreds of vetted and accredited solar, HVAC, and electrical installers, EnergySage enables shoppers to request multiple high-quality quotes in minutes. With in-depth resources and unbiased support, EnergySage makes the entire process simple, low-stress, and more affordable for consumers, while serving as the conduit for clean energy companies and providers across the country to grow their business, reduce costs, and simplify their sales. For these reasons, leading organizations like National Grid, MassCEC, Boulder County, Intuit, Staples, and NCSU’s DSIRE point their audiences to EnergySage to begin their clean energy transitions. Visit EnergySage for more information, and follow us on Facebook, Instagram, LinkedIn, X, and YouTube.
