The price of residential solar continues to drop across the country while the price of battery storage is actually bumping up a bit according to the latest Solar Marketplace Intel Report from EnergySage. The report is an analysis of solar and battery quotes submitted to homeowners shopping on EnergySage.com by solar companies in 37 states and Washington, D.C., from July 2020 through June 2021.
Quoted solar prices on EnergySage are once again on the decline. The median price quoted dropped by six percent year over year to $2.67 per Watt. That’s also the largest 12-month price drop recorded since 2017.
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, from $1,128/ kWh to $1,241/kWh. The reason for this increase is the shift in the most popular battery: Enphase overtook both LG Energy Solution and Tesla in the most quoted battery on the EnergySage marketplace. Enphase’s battery carries close to the highest price tag among available options because it is a lithium iron phosphate (LFP) battery.
Additionally, two newer entrants to the battery market, Q CELLS and NeoVolta, surpassed Tesla as the least expensive battery brands offered on the Marketplace, quoting at sub-$1,000/kWh. Check out more batteries in our 2021 Battery Showcase.
Rates for solar loans are also improving. 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.
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We have a ton video interviews and additional content on our YouTube page. Recently we debuted Power Forward! -- a collaboration with BayWa r.e. to discuss higher level industry topics as well as best practices / trends for running a solar business today.
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