US residential solar prices falling amid surging interest in storage


From pv magazine USA

The 18th edition of the EnergySage Intel: Solar & Storage Marketplace Report looks at pricing trends, equipment preferences, financing terms, and consumer interest.

EnergySage, an online comparison-shopping marketplace for solar, provides solar quotes from local, vetted solar companies in 41 states and Washington, DC. The marketplace report is compiled by assessing quotes submitted by solar companies to shoppers throughout 2023, comparing the first half of the year to trends over the second half of the year.

A key finding is that despite inflation and increased financing fees, solar prices dropped for the first time since 2021, falling by 3.5% to $2.80/W. The report finds that the median price of $2.80/W in the second half of 2023 is in line with solar pricing from mid-2020, and 4.5% higher than the low point from summer 2021.

Recent price drops were offset by larger fees charged for lower interest rate loans. The most frequently quoted solar loan was a 25-year loan with a 3.99% interest rate. But the report found that the average fee on the most quoted loan product reached 47% of the cash project cost in the second half of the year.

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