A report from the market operator EnergySage famous that the common price of the system is reducing, and the payback durations are enhancing. This highlights the current takeover of market share from Tesla within the inverter and vitality storage market.
From pv journal USA
EnergySage operates an internet comparison-shopping market for photo voltaic, offering quotes to photo voltaic consumers throughout the 50 states and Washington D.C. The firm launched its October 2024 Marketplace Insights report, with knowledge within the first half of 2024 on pricing, design tendencies, and extra for the residential photo voltaic and vitality storage sector.
The report says that via the primary half of 2024, its residential photo voltaic platform costs averaged $2.69/W, down 4% from the second half of 2023. This was just one% larger than an all-time low of $2.67/W within the first half of 2021, when US residential photo voltaic is experiencing one of many largest progress cycles in historical past. This marks the second consecutive 6-month interval wherein prices have fallen, after 2.5 years of rising prices amid pandemic-related provide chain constraints, mentioned EnergySage.
EnergySage estimates that the common US buyer will attain a breakeven level on their return on funding in 7.5 years, primarily based on a median system dimension of 10.9 kW. This is an enchancment from the second half of 2023, when the common compensation interval was estimated at 8.1 years.
“Consistent provide and cooling demand, stemming from coverage modifications like California’s Net Billing Tariff and excessive rates of interest, are the probably drivers of the newest worth cuts,” as EnergySage.
Despite price financial savings being a major motivation for photo voltaic installations, EnergySage says that greater than 60% of patrons don’t select the bottom worth quote they obtain. The report says that the vary of costs proven is tightening, with the common minimal worth round $2.54/W and most common quote round $3.08/W. Based on the common system dimension, the common minimal and most quotes vary from $6,000, says EnergySage.
The high 4 largest photo voltaic markets even have decrease than common system prices. Florida averaged $2.20/W, Texas $2.10/W, California $2.39/W, and Nevada $2.18/W. Regionally, photo voltaic costs stay highest within the Northeast and lowest within the West.
Home battery storage quoted costs additionally fell, setting a file low of $1,133/kWh saved.
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As for technological modifications, the profile of a residential photo voltaic system continues to evolve. In 2020, 98% of all EnergySage quotes included photo voltaic panels rated to offer lower than 400 watts of energy, and 340 W panels had been widespread. In the primary half of 2024, 97% of all quotes embody photo voltaic panels with a ranking of 400 W or extra. On common, owners at the moment are supplied about 20% extra energy per panel than 4 years in the past.
The high most cited photo voltaic panel manufacturers in EnergySage’s rating are REC Group, Qcells, Panasonic, Silfab, LA Solar Factory, and Hyperion Solar.
The high inverter manufacturers cited are Enphase, Tesla, SolarEdge, Hoymiles, and AP Systems. Enphase represents almost two-thirds of all quotes on the platform, and Tesla’s string inverters grew quickly from 2% of quotes within the first half of 2023 to greater than 12% within the first half of 2024. costs by about 15% in comparison with the common.
Enphase has additionally traditionally dominated the EnergySage marketplace for vitality storage quotes, though Tesla is beginning to take market share right here, too. Both have all the time represented about 50% of all market quotes in historical past, and have now grown to 75% of market quotes. Tesla has pushed a lot of this progress, from 22.5% of quotes in H2 2023 to 33.5% in H1 2024. The cheaper price for the Powerwall 3 is driving Tesla battery adoption charges, mentioned EnergySage.
Battery vitality storage is now included in a file excessive 34% of platform programs. California’s Net Billing Tariff is a key driver of this soar, with 70% of California owners shopping for batteries to go along with their photo voltaic panels, says EnergySage. Lower battery costs and elevated demand for backup energy and vitality availability are driving battery attachments at unprecedented charges.
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