- According to EnergySage, financial savings from residential battery installations have become a key driver of consumer interest in energy storage.
- Nearly 50% of EnergySage shoppers that want storage are interested because of financial savings.
- Installed costs nationally are 29% higher than prices on EnergySage.
Massachusetts — EnergySage has released its eleventh semiannual Solar Marketplace Intel Report™ – covering the twelve-month period from July 2019 through June 2020. Additionally, and for the first time, this latest report also includes an early look at transaction-level battery storage data from the EnergySage Solar Marketplace.
Recently, EnergySage began capturing more data about the energy storage solutions being quoted to homeowners through its Solar Marketplace. Included in this report is information about consumer preferences, the brands that installers are quoting on EnergySage, and proprietary pricing data. Additionally, we once again compare what EnergySage consumers pay for solar versus the rest of the market with new Tracking the Sun 2020 (TTS) data from Lawrence Berkeley National Laboratory.
Key insights from the latest Solar Marketplace Intel Report include:
Tesla’s Powerwall 2 is the most quoted storage option on EnergySage, as well as the least expensive
Over half of the energy storage quotes on EnergySage included the Tesla Powerwall, making it the most widely quoted storage product on the Solar Marketplace, followed by LG Chem’s RESU 10H. On a cost per kilowatt-hour basis, the Powerwall 2 is also the least expensive storage option being quoted. That said, battery manufacturer, BYD is an emerging provider on our Marketplace, offering very competitive pricing.
Nearly 50% of EnergySage shoppers that want storage are interested because of financial savings
Not surprisingly, the primary driver of energy storage interest nationwide is resilience, as noted by nearly two-thirds of EnergySage shoppers. However, it’s very encouraging to see that nearly half of shoppers pointed to financial savings as a reason for wanting a battery. Together, these two factors are a strong indication of a sizable, promising market.
Installed costs nationally are 29% higher than prices on EnergySage
Generally, residential solar systems are sized at about 8 kW. According to TTS data, the median installed cost of customer-owned solar nationally was $3.75 per Watt in 2019, compared to $2.90 per Watt quoted on EnergySage that same year. This means 2019 installed costs nationally were roughly $7,000 higher than quoted solar prices on EnergySage.
“Even after 15 years working in the renewable energy sector, I’m still amazed at how resilient our industry is,” said EnergySage CEO and founder Vikram Aggarwal. “Despite an ongoing pandemic, consumers are showing more interest in solar today than they were pre-COVID (based both on our own data and third-party research), and prices have continued to come down. When you combine this with the surging demand for residential battery storage, we remain very confident in where the market is headed in the coming years.”
EnergySage is the most visited website in the U.S. solar industry and runs the country’s leading comparison-shopping marketplace for rooftop solar, energy storage, community solar, and solar financing. This latest report furthers the company’s mission to make solar more accessible and affordable for Americans through unbiased information, transparency, and choice.