Latest report signals a potential solar industry inflection point with near-record low pricing and surging demand for energy storage

Today, EnergySage released its 19th EnergySage Intel Solar & Storage Marketplace Report. This semiannual report analyzes millions of transaction-level data points from homeowners shopping on EnergySage.com from January through June 2024 for solar panels, inverters, batteries, and more from solar companies in 48 states and Washington, D.C.

After a challenging but record-breaking year in 2023 for residential solar installations in the U.S., the first six months of 2024 have been characterized by near-record-low solar prices, persistently high interest rates, surging homeowner demand for storage, and shifting shopper motivations. These factors, along with recent interest rate cuts, suggest the industry is at a turning point, with the potential for lower solar and storage pricing, higher-quality equipment, and better financing options in the second half of the year.

Below are three key insights from our latest report, which can be downloaded for free at energysage.com/data.

Residential solar prices approach all-time lows, while storage prices reach new record lows
Solar prices fell for the second six-month period in a row, reaching $2.69 per watt and nearing the all-time lowest quoted prices EnergySage has seen since beginning to track data in 2014. Quoted storage prices also dropped, setting a record low of $1,133 per kilowatt-hour stored.

"We're at a pivotal moment for solar pricing, where ongoing cost reductions are enabling more homeowners to make the switch to clean energy," said Spencer Fields, EnergySage's Director of Insights. "The combination of near-record low prices and more consumer-friendly financing options is creating new opportunities for wider adoption."

Storage attachment rate skyrockets nationwide
The percentage of homeowners nationwide purchasing a battery with their solar panels on EnergySage.com climbed to 34% in the first half of 2024. California was a key driver, with an attachment rate of 70% following the implementation of the Net Billing Tariff in April 2023. However, the attachment rate outside California also rose steeply to 22%. For the first time, the report includes highlights from a consumer resiliency survey and a homeowner product interest survey, featuring insights on battery interest, setup, and consumer satisfaction.

"We've seen a significant increase in storage adoption, driven by evolving policies, lower lithium prices, and consumer demand for energy resilience," said Emily Walker, Senior Research Analyst at EnergySage. "The high attachment rates across the country signal that more homeowners are prioritizing energy independence alongside solar as they become more economical."

Installers are quoting higher-interest rate, lower-cost loan products
From H2 2023 to H1 2024, the median interest rate in quotes increased from 5.5% to 7.49%, while the average loan fee dropped from 47% to 40%, respectively. The most-quoted loan product in H1 2024 was a 7.99%, 20-year loan with no fees, driving the spike in the median interest rate and drop in average loan fee.

For 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.

"EnergySage was created to drive maximum transparency and help consumers find high-quality suppliers on our platform," said Charlie Hadlow, President and COO of EnergySage. "This report is just one piece of that puzzle and serves to help industry stakeholders separate the signal from the noise and fact from fiction. With high-profile solar bankruptcies like SunPower and Titan Solar Power, along with more attention on a subset of players using aggressive sales tactics, EnergySage's approach has never been more crucial to the sustainable growth of these industries."

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 trusted resources, unbiased advice, and a simple shopping experience. For questions or to inquire about additional insights, 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 in all 50 states and D.C. to grow their businesses, reduce costs, and simplify their operations. For these reasons, leading organizations like National Grid, MassCEC, Sierra Club, Intuit, SEIA, 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, Threads, TikTok, and YouTube.