Massachusetts — EnergySage has released its thirteenth semi-annual Solar Marketplace Intel Report™, which covers evolving pricing, equipment, and consumer preference trends shaping today’s U.S. residential solar and energy storage industries.
The report is an analysis of solar and battery quotes submitted to homeowners shopping on EnergySage(dot)com by solar companies in 37 states and Washington, D.C., from July 2020 through June 2021.
This report is the result of millions of transaction-level data points generated within the EnergySage Marketplace and serves as a leading indicator of 2021 market trends and beyond. Below are three key insights from the latest Solar Marketplace Intel Report, which can be downloaded for free in its entirety at energysage.com/data.
1. Solar prices continue to decrease, while storage prices creep up
Quoted solar prices on EnergySage are once again on the decline, dropping over six percent year over year. However, quoted prices for storage are on the rise. The median storage price on EnergySage increased 10 percent on a cost per kilowatt-hour basis from Q3 2020 to Q2 2021. (See pages 3 & 4)
2. Battery storage market on EnergySage is a three-horse race; Enphase is currently the most-quoted battery brand
In the second half of 2021, Enphase overtook both LG Energy Solution and Tesla as the most frequently quoted battery brand on EnergySage. Together, these three brands account for over 85 percent of storage quotes on EnergySage over the last year. Additionally, two newer entrants to the battery market, Q CELLS and NeoVolta, surpassed Tesla as the least expensive battery brands offered on the Marketplace.
(See page 5)
3. Rates for solar loans are improving, becoming more consumer-friendly
After three years of stagnation, solar loan rates on EnergySage began to drop, decreasing to 2.99 percent in the first half of 2021. The most frequently quoted financing option is now a 12-year loan with a rate of 2.99 percent. Twenty-year loans are also popular on the Marketplace with loan rates ranging from 0.99 to 4.99 percent.
(See page 19)
“The consumer demand we’re seeing for energy storage on our platform is remarkable,” said EnergySage CEO and founder Vikram Aggarwal. “It’s a rapidly evolving industry. Between supply constraints and shortages, and a growing number of players entering the market, there’s bound to be a lot of movement at the top and with respect to price.”