Solar installation costs are still falling
Online resource EnergySage published a report earlier this month shedding some light on the current state of solar installation in the U.S.
The report focused on solar installation costs and trends in the U.S. and noted findings from July 2014 through June 2015. Here’s a recap.
Solar installation costs are dropping
According to the report, solar consumers paid $3.79 per watt in the first half of 2015 and achieved payback in 7.5 years. Overall, costs ranged from $3.21 per watt to $4.37 per watt for “standard to high efficiency equipment packages.”
Consumers are buying solar systems
According to EnergySage, the vast majority of their solar consumers are purchasing – and not leasing – solar systems. Data showed that 90 percent of consumers associated with EnergySage chose to buy their solar system, which includes those who either paid in cash or financed through a solar loan.
The report noted that this 90 percent mark is much higher than the 40 percent seen nationwide (not just through EnergySage).
Solar is powerful enough
EnergySage noted that “solar is meeting the majority of electricity needs for homeowners.” Specifically, the report pointed out that solar-connected home owners were able to generate 85 percent of their electricity needs through solar power.
Competition is still open
The report also pointed out numerous instanced of open competition and “increasing fragmentation” among both financing companies and manufacturing companies in the solar industry. Shoppers looking for loans, panels and/or inverters all had the ability to pick and choose.
EnergySage CEO Vikram Aggarwal made a timely comparison when summarizing the current state of the solar market:
“The residential solar market is a vibrant $7 billion industry, and on track to generate more revenue by year-end 2016 than Major League Baseball.” EnergySage CEO Vikram Aggarwal
For more information about any of this data, access the full report here.
Source → EnergySage
