EnergySage has released its 16th Solar and Storage Marketplace Report.
This semiannual report analyzes millions of transaction-level data points generated by quotes sent to homeowners shopping on EnergySage.com for solar panels, inverters, batteries and more from solar companies in 41 states and Washington, D.C., in 2022.
Below are key insights from the report:
- 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.
- There were 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% in 2021 to 58% in 2022. Enphase remained the most quoted inverter and battery storage brand.
- In the second half of 2022, 59% 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, the highest level since 2015. More than just installer brand loyalty, these trends provide insight into consumer choice and supply chain availability as well.
“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,” says Vikram Aggarwal, EnergySage CEO and founder. “Through these highs and lows, consumers continue to depend on EnergySage for help understanding and navigating the complexities of their electrification journey.”
Download the full report here.