Solar Power Dominates US Energy Landscape with Record Installations and Short Payback Periods
EnergySage's market intelligence report for June 2022 to July 2023 reveals that residential solar prices have increased for two consecutive years, with the average solar quote reaching $2.90 per Watt in the first half of 2023. However, solar prices have started to cool off in Q3, decreasing by about 3.5% so far. Energy storage prices also rose by 1% in the first half of 2023, with over 50% of solar quotes including a battery. The residential solar sector has faced challenges due to rising interest rates and reduced compensation for exporting solar. Despite these obstacles, EnergySage remains optimistic about the resilience of solar and storage industries. The average payback period for residential solar is 8.3 years, and the five largest solar markets in the US have lower quoted prices compared to the national median. Interest in energy storage has increased, driven by self-supplying solar generation and backup power for outages.