Residential solar + storage prices near record lows on EnergySage marketplace

low battery pricing

The last 18 months or so have been tough on solar installation contractors, but the 19th EnergySage Intel Solar & Storage Marketplace Report points to market conditions primed for a turnaround.

The main catalyst is the recent interest rate cuts. But residential solar prices on EnergySage are approaching all-time lows, while storage prices have reached new record lows.

“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.”

This semiannual report analyzes millions of homeowner shopping transactions 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.

Historically low pricing

According the Intel report, 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 it began tracking data in 2014. Quoted storage prices also dropped, setting a record low of $1,133 per kilowatt-hour stored.

Battery attachments on the rise

Meanwhile, interest and demand for a solar + storage system has never been higher. The percentage of homeowners nationwide purchasing a battery with their solar panels 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%.

“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.”

For the first time, the report includes highlights from a resiliency survey and a product interest survey, featuring insights on battery interest, setup, and consumer satisfaction.

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.

“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.

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