LG overtakes Tesla as most-quoted storage brand in latest EnergySage solar market report

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Today, EnergySage released its twelfth biannual Solar Marketplace Intel Report, which is based on millions of transaction-level data points generated within the EnergySage Solar Marketplace in 2020. This report tracks the evolving price, equipment and consumer preference trends shaping today’s U.S. residential solar industry, and serves as a leading indicator of where the market is headed in 2021.

“In 2020 people spent more time in their houses, but they also spent more On their homes, ”said EnergySage CEO and founder Vikram Aggarwal. At the same time, consumer mindsets have changed, with interest in resilience growing significantly, whether it’s the uncertainty of COVID-19, the wildfires and power outages in the West, major storms in the East, or, most recently, the winter storm in Texas. We are delighted – and proud – that the solar and storage industry is helping consumers become more resilient and keep the lights on in all conditions. “

Important insights from the latest Solar Marketplace Intel Report include:

H2 2020 saw the biggest drop in solar prices since 2017:

Reported solar prices fell 3.5% on EnergySage between H1 2020 and H2 2020, the largest drop since the first half of 2017. In fact, the percentage of bids below $ 2.50 per watt has nearly doubled between first and second half of the year on EnergySage. .

Installers are quick to quote the latest equipment:

As evidenced by a jump in higher wattage solar panels quoted on EnergySage, solar companies are quickly learning about – and starting to sell – the latest technology available in the market: while two-thirds of quotes have panels under 330 watts in H2 2019, 330 W – and larger – panels accounted for 69% of all quotes in H2 2020.

LG Energy Solutions overtook Tesla as the most cited storage brand in Q4 2020:

In the fourth quarter of 2020, nearly 40% of bids on EnergySage included LG Energy Solutions, making it the most cited storage brand on EnergySage. Tesla remained the least expensive storage option quoted. Batteries using lithium iron phosphate (LFP) chemistry are offered at much higher prices than batteries with nickel manganese cobalt (NMC) chemistry on EnergySage.

The latest report can be downloaded for free at: www.energysage.com/data/#intel-12. For questions and feedback, please contact [email protected]

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