Solar prices (and storage attachments) both on the rise in EnergySage marketplace
EnergySage released its semi-annual Solar Marketplace Intel Report last week, which analyzes the transaction-level data points generated by quotes sent to homeowners on its site the past 12 months (covering 39 states and Washington, D.C.) Here are three insights that standout:
Solar prices increase for the second straight report | Amid continuing supply chain constraints, for the second half year in a row, solar prices increased on the EnergySage Marketplace, this time jumping 3.4% to $2.77 per Watt – a price not seen since 2020. Accordingly, the solar payback period increased from an average of 8.7 years to 9.1 years.
Significant shifts in equipment market share continued | In the first half of 2022, REC overtook Panasonic as the most quoted solar panel brand on EnergySage, while Q CELLS surpassed Silfab Solar for spot number three. Overall, market share consolidation decreased slightly as the top three panel brands dropped from a combined share of 66% of quotes in H2 2021 to 59% in H1 2022.
On the inverter front, Enphase remained the most quoted brand despite losing 4% of its market share. As for battery storage, Enphase was again the most frequently quoted option–offered in 45% of all storage quotes–while Generac’s market share grew the largest at 7% from the second half of 2021 to the first half of 2022. Within that same time period, LG Energy Solution’s Marketplace share fell 10% on EnergySage.
Storage attachment rate reaches an all time high | Although storage prices have increased since 2020, solar shoppers are more interested than ever in adding storage to their systems. The storage attachment rate rose in the first half of 2022, with a little over 17% of shoppers installing a battery with their solar system, compared to 15.5% in the second half of 2021.
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