All articles tagged with #residential solar
Wells Fargo is optimistic about the residential solar sector and has identified stocks that are poised to rebound. The bank's bullish outlook on residential solar comes as the industry continues to gain momentum. Wells Fargo's positive stance on these stocks reflects its confidence in the potential for growth and recovery in the sector.
Enphase Energy's stock has been downgraded by Truist, who believes that the recovery of the residential solar industry will take longer than expected.
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.
California's upcoming policy change to reduce the subsidy for rooftop solar owners sending excess power into the grid is expected to slow down the US residential solar market. The reform will reduce the money credited to rooftop solar owners, which has underpinned more than a decade of explosive growth. Solar companies say the move threatens California's efforts to decarbonize the grid by 2045 by slowing installations, while state regulators say the reform will shore up power reliability by adding new incentives for homeowners to buy batteries that store clean power on site.