As a solar expert, I am constantly on the lookout for the energy trends that shape our society. One of the most prominent trends is the growth of solar, especially within the realm of residential solar. In today’s post, I will delve into some key findings that demonstrate not only the current status but also the future direction of this critical industry.
The growth of solar companies is undeniably dependent on technological advancements. Among the leading products in the market, microinverters and distributed battery energy storage stand out. They form a crucial part of the solar panels for your home and serve as the backbone of any solar array for home setups. But where exactly does the solar industry lie at the moment?
Recent earnings reports from one of the heavyweight solar companies show an interesting trend. Despite falling slightly short of projected revenues and earnings-per-share, the company remained profitable, with a notable chunk of their revenues originating beyond the US borders. Interestingly, despite a mild quarter-over-quarter dip, European revenues surged. This indicates that the international interest and demand for solar have not diminished but continue to thrive.
Simultaneously, domestic revenues saw a decrease led mainly by California’s equipment sell-through decline. This, however, isn’t a reflection of the company’s performance but the broader slump in U.S. residential solar. As the industry adapts to new changes, such as California’s shift in residential solar policy (NEM 3.0), one can anticipate a turnaround. The industry focus has also pivoted from loaned usage to third-party-owned, or leased operations.
What does this imply for you if you’re considering solar panels for your home? The current industry trends show that while we may be navigating through a slower period in demand, this is likely to be the lowest point. Solar companies predict a rebound, particularly in the non-California states in the next quarter. Moreover, considering the attractive payback for solar plus batteries and the rising utility rates, the future of solar for home use remains bullish.
A solar array for your home is no less than an investment. With new generations of home batteries being piloted and innovative technologies such as the gallium nitride (GaN) parts to reduce costs and increase power output on the horizon, the future looks bright.
So, as you contemplate your move towards adopting solar, keep these findings in mind. The dynamics in U.S. residential solar are shifting, and they’re shifting quickly. But one thing is clear, whether you’re a homeowner wanting to make a socially responsible change or an investor interested in tracking the trends, solar is on quite an irresistible ascent.
Original Articlehttps://pv-magazine-usa.com/2024/04/24/enphase-delivers-revenue-miss-amid-softened-residential-solar-demand/
