EnergySage Releases Its Third Solar Marketplace Intel Report™ at Solar Power International
Recently at Solar Power International 2016, EnergySage released its third semiannual Solar Marketplace Intel Report™, providing the most detailed analysis of the U.S. residential solar market to date. This latest edition of the report includes new comparative pricing benchmarks from Lawrence Berkeley National Laboratory, along with millions of transaction-level data points from the EnergySage Solar Marketplace from July 2015 to June 2016. As the country’s leading online marketplace for solar, EnergySage has the unique ability to collect, observe and share these insights for an unprecedented look into the changing nature of the residential solar industry.
Each day on EnergySage, thousands of consumers interact with hundreds of pre-screened solar installers and financiers. In 2016, EnergySage will help more than one million consumers in over 30 states research and explore solar, and send an estimated $700 million worth of installation requests to its network of solar companies. This ever-growing volume of transaction-level data between buyers and sellers is what underpins the technology company’s Solar Marketplace Intel Report.
In addition to its comprehensive analysis of solar price trends, consumer buying behavior, and market share statistics, this most recent report features several new additions, including national and state-level pricing benchmarks from Lawrence Berkeley National Laboratory (LBNL). For the first time, this report allows readers to compare EnergySage Solar Marketplace prices against median residential prices for solar in each state.
Other key findings and analyses found in the latest Solar Marketplace Intel Report include:
- Solar prices, payback periods continue to fall:
From the second half of 2015 to the first half of 2016, the average gross cost per watt quoted to EnergySage shoppers dropped from $3.69 to $3.57 – a reduction of 3.3%. According to the most recent LBNL dataset, the national median gross cost per watt for residential systems was $4.39 in H2 2015 – significantly higher than the $3.63 median installation price offered on EnergySage for the same time period.
- System ownership still dominates on EnergySage:
Over the past twelve months, 96.3% of solar shoppers on EnergySage opted to purchase their solar energy system in cash or with a solar loan. However, according to LBNL, just 44.9% of residential solar installations nationwide were customer-owned in H2 2015. A breakout section on solar loans has been included in this report to provide further detail on the loan products offered to solar shoppers on EnergySage.
- Consumers shop around, enter Solar Marketplace with quote in hand:
When joining the Marketplace, 30% of users stated that they had already received a quote from a non-EnergySage solar installer. Quotes from the country’s largest solar leasing companies were the most likely to be compared on the Marketplace. A new chart has been added that details these findings and the names of each non-EnergySage solar installer.
- Solar shopper questions focus mostly on equipment and financing:
This edition of the report includes an analysis of terms most commonly mentioned in consumer messages sent to solar installers on EnergySage, providing a greater understanding of their priorities and areas of interest. The term “panels” was four times more likely to be used than the term “inverter,” and the term “loan” appeared two times more frequently than “lease.” EnergySage shoppers are also increasingly interested in energy storage options, as indicated by the frequent usage of the terms “battery” and “Powerwall.”
“Now in its third iteration, the Solar Marketplace Intel Report continues to tell the story of a healthy industry that is maturing as installation prices drop and transparency between buyers and sellers increases,” said EnergySage CEO and Founder Vikram Aggarwal. “While we expect millions more homeowners to explore solar over the coming years, the nature of the industry will be quite different. Our data serves as a leading indicator of where the residential solar industry is headed: more loans than leases, higher market share for local and regional installers, lower prices, quicker sales cycles, and complete information transparency.”