Aurora Solar has released its second annual “Solar Industry Snapshot.” This report examines early 2024 U.S. residential solar trends through three unique data sources: Aurora’s solar projects database of more than nine million projects over the past two years; a survey of 1,000 U.S. homeowners about their solar adoption behaviors and motivations; and, a survey of 500 U.S. solar professionals on the state of the industry.
Key findings include:
Interest in solar is high, but homeowners are stuck in the planning stage
- More than half of homeowners said they believe solar is a good investment. However, 75% of homeowners who do not have solar (but are interested) said overall system and installation costs are a big concern.
- Notably, 15% of homeowners said they were paying for their PV system through a leasing program. In the current high-interest rate environment, we anticipate this percentage will increase as demand for leasing goes up. Education around third-party ownership could open doors for homeowners and installers to move out of the “interest stage.”
Homeowner trust has declined, but hope remains in the power of education
- In 2023, 22% of homeowners said they were unable to find a trustworthy solar company. In 2024, the numbers doubled: 44% of respondents said it is difficult to determine which solar companies are trustworthy.
- Solar professionals backed this up — by far, the main problem they face in 2024 is homeowners being reluctant to commit to quotes (38%). It’s more important than ever for solar sales professionals to educate homeowners.
Homeowners find solar more valuable when paired with storage and other energy efficiency products
- Only 10% of homeowners had battery storage, and they overwhelmingly did not understand net-energy metering (only 16% were familiar with the term). These numbers should increase in future years as net-metering policies are examined across the United States and electricity rates continue to rise.
- In fact, nearly three-quarters of solar professionals reported seeing increased interest in energy storage + solar. Moreover, 38% of homeowners felt solar panels are more valuable when paired with whole home electrification.
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