Introduction
Every quarter, our ConveYour team assembles a newsletter digest of the biggest news, trends, and developments in the world of residential solar. This newsletter is sent out to our subscribers before it gets posted on the site.
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🌎 The Big Picture
We are in the middle of the EPA’s Solar for All Competition, which will issue over 60 solar-related grants to states, territories, tribal governments, municipalities, and eligible nonprofits.
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In 2023, the overall United States solar industry is down an estimated 19% year-over-year. Solar experts point to low labor availability, equipment shortages, and California's NEM 3.0 net metering policies as culprits.
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Worldwide, however, solar continues its explosive growth. The world is on track for 593GW of new solar installations by EOY, up 29% year-over-year.
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The Fed’s 50-point reduction in interest rates this September could be a shot in the arm for residential/rooftop solar companies, as they rely heavily on financing.
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Due to steady supply and overall cooling demand, U.S. residential solar prices are near an all-time low. The last time prices were this low was in 2021, right before a year of explosive growth.
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👽 Did You Know?
The Mars Rovers, Perseverance and Curiosity, relied on solar panels to stay powered and complete their missions.
🗓️ Big Events in Solar
The RE+ 2024 Expo in Anaheim California was a resounding success, despite getting hit with a 4.9 magnitude earthquake on the last day.
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At RE+, SolarEdge announced their newest solar storage battery. It doubles the power of the previous model and adds expanded battery capacity options.
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Fronius debuted their new residential solar power inverter, providing their customers more flexibility around how their solar array connects to their battery storage.
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Powur PBC has partnered with Hawaii Unified to expand rooftop solar access across the state of Hawaii.
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Did You Know?
Every second, the fusion reactions of the sun generate enough energy to power 2 billion NYC-sized cities!
👀 Looking Ahead
Ever-rising energy costs could drive as many as 50% of US households to install rooftop solar by 2050.
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The global market for residential micro solar converters is estimated to hit $6.2 billion by the year 2032. Big players in the space include Darfon Electronics Corp, Enphase Energy, Sparq Systems, Yotta Energy, and more.
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A study in Madrid, Spain found that local single-family solar-equipped homes have a self-sufficiency rate of about 70%.
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There are now officially over 5 million solar installations across America. While it took 50 years to reach this milestone, SEIA estimates it will only take 6 more years to reach 10 million installations and 4 more to reach 15 million.
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🔗 Quick Links ⚡️
🏆 Solar Power World released their Top Solar Contractors list for 2024.
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🛠 First Solar opened their brand new, $1.1 billion solar manufacturing facility in Lawrence County, Alabama.
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📝 Registration is NOW open for the Intersolar and Energy Storage North America Convention 2024.
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Who Are We?
Recruit, onboard, train, and retain more solar reps with less manual work so you can scale faster and dominate in the solar industry.
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