BOSTON, MA – September 6, 2017
EnergySage published today its fifth semiannual Solar Marketplace Intel Report™. Using millions of transaction-level data points generated from the EnergySage Solar Marketplace from July 2016 to June 2017, this report provides unparalleled insight into the evolving dynamics of the U.S. residential solar industry.
This latest edition features new datasets and analyses including snapshots of solar economics across 12 states, results from a community solar shoppers survey, and an examination of how solar panel quality impacts the likelihood of quote selection. Also new to this report is an analysis of surging consumer interest in solar across the country, as based on both Google Trends data and EnergySage organic traffic. The result is that consumer interest is growing from 60 percent to over 150 percent annually.
Additionally, EnergySage again analyzed quotes submitted to Solar Marketplace users in six different utility service territories. EnergySage compared the levelized cost of energy (LCOE) of solar to today’s electricity rates in territories served by Arizona Public Service, Eversource, Georgia Power, PEPCO, Portland General Electric, and PSEG. In all service areas, the LCOE of solar is lower than the 2017 residential electricity rate offered by the utility. Consumer interest in each utility region has also increased dramatically across the board.
More on key insights in the latest Solar Marketplace Intel Report:
Consumer interest in solar surges as costs fallEnergySage examined search volumes for solar-related keywords in Google searches and found that since 2014, interest has increased significantly. Google Trends data shows that consumer searches have climbed by anywhere from 25 percent to over 60 percent by H1 2017. During this same time period, the gross cost per watt of solar fell by 18 percent on EnergySage.
Higher quality panels result in higher close ratesShoppers on EnergySage are more likely to select quotes offering Premium and Premium Plus panels by 19.6 percent and 59 percent, respectively, than Standard panels. Even though these quotes are quoted less frequently and come with a higher price tag.
Community solar shoppers are 'on the fence' about buyingEnergySage surveyed shoppers on its Community Solar Marketplace™ to understand the motives of prospective community solar customers and the barriers to adoption. The survey found that most shoppers were motivated by the financial benefits of community solar, as well as the benefits of supporting local solar projects. However, interest hasn’t yet translated into high adoption rates. Higher financial savings and simpler, more flexible contracts were mentioned as two possible ways to convince many skeptical shoppers to move forward.
“This report helps paint the bigger picture about solar in the U.S.,” said EnergySage CEO and founder Vikram Aggarwal. “Regardless of the headlines you might read, the bottom line is that American consumers are increasingly aware of and interested in installing solar panels. Rapidly falling costs, greater transparency, and an expanding set of options are driving this growth. The outlook for our industry continues to be very bright.”
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 the company’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/#intel-5. For those attending Solar Power International 2017 and interested in discussing the report’s findings and more, please visit EnergySage at booth 1580.
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 3 million consumers across 35+ states. In 2016, the company sent nearly $1 billion in solar installation requests to its network of more than 400 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.