EnergySage SolarMarketplace Intel Report H22019 H12020

EnergySage's Solar Marketplace
INTE L
REPORT
H2 2019 - H1 2020
Thoughts from the CEO & Founder
We are excited to share with you our eleventh semiannual Solar Marketplace Intel Report™ covering the twelve
month period from July 2019 through June 2020. Much has changed in the solar industry in the first half of 2020
due to the ongoing COVID-19 pandemic, and this report addresses those changes and challenges head on. Between
surveys of solar shoppers and installers, as well as a review of our own business metrics, I remain confident that
solar is–and will continue to be–a very resilient industry.
In this report, we compare EnergySage pricing distributions to those seen in Tracking the Sun data from Lawrence
Berkeley National Laboratory (LBNL). We also introduce storage preference, pricing and Marketplace share data for
the first time.
Vikram Aggarwal Here are some of our top findings from our First look: storage brand Marketplace share
eleventh Intel Report™: on EnergySage
CEO & Founder Tesla’s Powerwall 2 is the most quoted storage option sonnen
Eguana Technologies
EnergySage on EnergySage, as well as the least expensive Panasonic Solar

Generac
& Battery Storage

Over half of energy storage quotes on EnergySage included
the Tesla Powerwall, making it the most quoted storage Enphase Energy
option and brand. On a cost per kilowatt-hour stored basis,
the Powerwall 2 is also the least expensive storage option
quoted in the Marketplace. Tesla
LG Chem
Nearly 50% of EnergySage shoppers that want storage
are interested because of financial savings
Not surprisingly, the primary driver of energy storage
interest nationwide is resilience, as noted by nearly
two-thirds of EnergySage shoppers. However, nearly There are many more insights contained within the
half of shoppers pointed to financial savings as a data in this report. We invite you to start a conversation
reason for wanting a battery. with us about your key takeaways and/or any ideas for
Solar prices continue to drop, even amidst the future reports.
ongoing pandemic
The median quoted solar price dropped 2.4 percent over Sincerely,
the twelve month time period covered in this report, despite
the impacts of COVID-19. Notably, the 2.4 percent decrease
is a slower rate of decline than observed in previous twelve Vikram Aggarwal | CEO & Founder
month periods. EnergySage
Solar Marketplace Intel Report™ data@energysage.com | www.energysage.com/data 2

National Summary
$2.85/Watt
EnergySage is the leading online comparison-shopping marketplace for solar, facilitating and serving
custom solar quotes to shoppers from local, vetted solar companies in 37 states and Washington DC.
EnergySage analyzed quotes submitted by solar companies to shoppers in the Marketplace during the
Solar prices continue to drop,
twelve month period between July 2019 and June 2020. The median quoted solar price dropped 2.4 but at a slower rate than in
percent over the twelve month time period. previous twelve month periods.
Solar prices continue to decrease, but at a slower rate
In every six month period since we began tracking quoted solar prices in 2014, the quoted price of solar has decreased on
EnergySage. The first half of 2020 (H1 2020) proved no different, with the median quoted solar price dropping 1.4 percent over
the second half of 2019 (H2 2019). However, the 2.4 percent decrease between July 2019 and June 2020 is a slower rate of
decline than observed in previous twelve month periods.
Quoted system sizes continue to increase on EnergySage, up slightly to 10 kilowatts (kW) in 2020 so far. According to the Solar
Energy Industries Association (SEIA) and WoodMackenzie data, installed system sizes continue to increase year over year in
the US residential market as a whole, but remain more than 20 percent lower than systems quoted on EnergySage.
EnergySage Marketplace National Price Distribution, H1 2020 Gross Cost Per Watt, by Half Year
30% H1 '20 Median:

$4.00
-25%
$2.85/W $3.80
$3.72
$3.64
$3.50
20% $3.50
$3.35
$3.15
Energy Sage National Distribution $3.00 $3.10
10% $3.05
$3.00
EnergySage Median $/W $2.92 $2.89
$2.85
0% $2.75
$2.00 $3.00 $4.00 $5.00 $6.00
4
0
’1
’1
’1
’1
’1
’1
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’2
2
1
H
H
Payback Period Size of Quoted System Median $/W
H2 '19 8.2 years 9.9 kW

H1 '20 8.6 years 10.0 kW
NOTE: Data have been revised to remove outliers in user-provided data.

29%
Market Comparison: National Pricing Trends $
$
In this report, we leverage the publicly available Tracking the Sun 2020 (TTS) dataset in order to
contextualize the quoted solar price on EnergySage against the installed cost of solar nationwide.
Published annually by Lawrence Berkeley National Laboratory (LBNL), TTS is the premier source of In 2019, the median installed cost
data on installed solar systems in the industry. Specifically, we compare the pricing distribution in of solar off of EnergySage was
quoted systems on EnergySage throughout 2019 against the distribution of installed costs in 2019, 29 percent higher than the median
as well as the median cost from both databases over time. quoted price on the Marketplace.
Quotes on EnergySage are clustered at a lower cost than installed costs off-market
As was the case in 2018, in 2019, the distribution of solar installed costs reported in TTS data is much wider
and flatter than the distribution of quoted solar prices on EnergySage. Overall, the median installed cost of solar
EnergySage sincerely thanks Galen Barbose and Naim
in the US in 2019 of $3.75/W, as reported by LBNL, is 29 percent higher than the median quoted price for solar
Darghouth from Lawrence Berkeley National Laboratory for
on EnergySage in 2019 of $2.90/W. This difference between installed costs nationwide and quoted prices on
their help with Tracking the Sun data. All analysis and opinions
EnergySage has persisted for over five years.
expressed in the text are EnergySage's alone.
2019 Solar Pricing Distribution:

EnergySage Marketplace Quotes vs. Tracking The Sun Customer
Owned Systems Comparison of median pricing over time,
EnergySage vs. Tracking the Sun
$4.50
30%
Percent of solar quotes and
$4.00
20%
installations by $/W
$3.50
10%
$3.00
0
$2.50
$2.00 $3.00 $4.00 $5.00 $6.00
4
9
’1
’1
’1
’1
’1
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2
2
H
H
$/W
EnergySage national Tracking the Sun national price distribution (2019) EnergySage Median Tracking the Sun 2019 median
price distribution (2019)
NOTE: Tracking the Sun data are cleaned to focus only on customer-owned systems, and to remove
reported pricing info for Sunrun, Tesla and Vivint, which are often reported as appraised costs.

First Look: Consumer preference regarding storage
Recently, EnergySage began to capture more data about the energy storage solutions provided
in quotes to homeowners through our Marketplace. Included in this new dataset is information 65 percent of EnergySage storage
about consumer preferences for storage (how many consumers are asking for storage quotes, shoppers want batteries for
where and why), battery equipment information (brand, model, power rating and usable resilience reasons.
capacity), and pricing information (gross cost and $/kWh). In this Intel Report™, we provide a
first look at data from the solar-plus-storage Marketplace on EnergySage. FIRST LOOK
A desire for backup power drives consumer interest in storage

In our 2019 Installer Survey, 45 percent of installers said that resilience is the primary reason their
customers express interest in storage. Preferences expressed by consumers on EnergySage confirm
this: nearly two-thirds of consumers who indicate a preference for storage on EnergySage say
that they’re interested in storage for emergency backup power. Though the cost of storage has
decreased markedly in recent years, financial savings are not yet the primary driver of interest.
When we look at where the interest is coming from we see a broad market for solar-plus-storage
across the country, and not just in places like California.
Why are consumers interested in storage? Percent of solar shoppers interested in storage quotes on
(Note: EnergySage shoppers can select more than one option) EnergySage (select 15 markets)
Off-Grid 13%
To add a
battery later 28%
Self-supply 32%
Financial
Savings 48%
Resilience 65%
min max

First Look: Storage Pricing And Marketplace Share
Recently, EnergySage began to capture more data about the energy storage solutions provided in quotes
to homeowners through our Marketplace. Included in this new dataset is information about consumer Tesla is the most widely quoted
preferences for storage (how many consumers are asking for storage quotes, where and why), battery storage brand, at the lowest quoted
equipment information (brand, model, power rating and usable capacity), and pricing information price on EnergySage.
(gross cost and $/kWh). In this Intel Report™ we provide a first look at data from the solar-plus-storage
Marketplace on EnergySage. FIRST LOOK!
Tesla: most quoted brand at the lowest quoted price

Though still a nascent industry, there are many different players in the residential energy storage sector at the
moment. From household names to familiar solar brands to new companies altogether, storage shoppers have a
wide range of options to navigate.
To date, the two most widely quoted storage brands on the EnergySage Marketplace are Tesla and LG Chem, in line
with installation data from California’s Self Generation Incentive Program (SGIP) over the last few years. Presently,
over half of all quotes on EnergySage are for the Tesla Powerwall 2. Looking at installed costs, Tesla is also the lowest
cost offering on a dollar per kilowatt-hour ($/kWh) basis. Interestingly, two companies who use lithium iron phosphate
(LFP) battery chemistries–Enphase and sonnen–see the highest $/kWh costs in the Marketplace.
First look: storage brand Marketplace share on EnergySage Percent difference from least expensive option
Eguana
Technologies 98%
sonnen 100%
Generac
84%
Panasonic Solar
& Battery Storage
75%
% difference ($/kWh)
Enphase Energy
50%
37%
Tesla
25% 21%
LG Chem 13% 15%
0%
0%
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Impact Of Covid-19:
Solar Interest Wanes And Rebounds
At EnergySage, we have been closely monitoring the impact of the global pandemic caused by
the COVID-19 virus on both consumer interest in solar and on our nationwide installer network. Solar interest is increasing during
EnergySage worked with Qualtrics to field a survey to over 500 consumers nationwide in the COVID-19 pandemic, with
early April, in order to assess how solar sentiment and shopping behavior has shifted due to EnergySage Marketplace activity
COVID-19. Comparing the survey results to EnergySage Marketplace activity and data provides quickly returning to well above
a more comprehensive picture of the impact of COVID-19 on the solar industry. 2019 levels.
Consumer interest in solar has strongly rebounded since May

Survey respondents indicated that they are more interested in solar now than they were pre-COVID, with a third saying
their timeline for going solar has actually accelerated and very few moving out their timeline by a year or more. This
outcome is confirmed by Marketplace activity, as both website traffic and solar shopper registrations on EnergySage
dipped in March and April before rebounding in May and June to significantly above last year’s levels.
Impact of COVID-19 on year-over-year (y/y) organic consumer How has the current COVID-19 situation changed your
traffic and registration volumes interest in solar?
install solar at my house

I was actively looking to
Percent difference
year-over-year
4% 13% 20% 26% 37%
January 2020 February 2020 March 2020 April 2020 May 2020 June 2020 0 10 20 30 40 50 60 70 80 90 100
Significantly less interested Slightly less interested No change

Traffic y/y
Leads y/y Slightly more interested Significantly more interested

Impact Of Covid-19: 30%
The Digital Transformation
The global pandemic caused by COVID-19 is accelerating digital transformations across
industries, including within the solar industry. Homeowners responding to our consumer Installers provided quotes to
sentiment survey indicated they are more likely to shop for solar and storage online now than solar shoppers on EnergySage
pre-COVID. The EnergySage installer network responded to this transition by providing online 30 percent faster than during
quotes faster than at this time a year ago. the first half of 2019.
COVID-19 accelerates the existing push to digital solar sales

The EnergySage solar sentiment survey confirms results from other recent surveys of consumer shopping behavior
in the age of COVID, finding that two-thirds of consumers are more likely to shop for solar online now than they were
prior to COVID-19. Installers on EnergySage were already transforming their online sales processes, decreasing the
average time to provide quotes to solar shoppers on EnergySage beginning in the fall of 2019: in Q2 2020, installers
provided quotes 30 percent faster than in Q2 2019, indicating high engagement in online channels.
How likely are you to shop online for solar and storage now
then pre-pandemic?
6% 7% 21% 30% 36%
Solar
8% 9% 38% 36% 23%

Storage
Much less likely than before Less likely than before No change
More likely than before Much more likely than before

Price Distribution in Select States $
To provide a sense of market dynamics in different states and regions, EnergySage analyzed
Marketplace quote data for the for the first half of 2020 for the top 10 states for residential solar,
according to SEIA.
The largest residential solar
markets continue to exert
States 1-5: Driving solar price reductions at the national level
downward pressure on
In each of the five largest residential solar markets, the median quoted price in H1 2020 was below
national solar pricing trends.
the national median price. For the most part, these top residential solar markets see wider and flatter
distributions of quoted solar prices on EnergySage than in other states, with Arizona as the primary
exception: 93 percent of solar quotes in Arizona were between $2.25 and $2.75 in H1 2020.
1. California 2. Florida 3. Arizona

$2.83 $2.60 $2.48
50% 50% 50%
40% 40% 40%
30% 30% 30%
20% 20% 20%
10% 10% 10%
0% 0% 0%
$2 $3 $4 $5 $6 $2 $3 $4 $5 $6 $2 $3 $4 $5 $6
4. Texas 5. New Jersey

$2.70 $2.84 EnergySage state pricing distribution
50% 50%
40% 40% EnergySage national pricing distribution
30% 30%
EnergySage state average, $/W
20% 20%
10% 10%
0% 0%
$2 $3 $4 $5 $6 $2 $3 $4 $5 $6

Price Distribution in Select States
To provide a sense of market dynamics in different states and regions, EnergySage analyzed
Marketplace quote data for the for the first half of 2020 for the top 10 states for residential solar,
according to SEIA.
Median prices in the 6th-10th
largest residential solar states
States 6-10: Narrow price distributions with higher median prices than nationally
are higher than the
The solar pricing distribution curves in the sixth through tenth largest residential solar markets are
national median.
narrower than the national pricing distribution, resulting in a “peakier” shape than the national distribution.
In all but one of these states (Nevada), the median quoted price on EnergySage was higher than the
national median price in H1 2020.
6. New York 7. Illinois 8. Nevada

$2.96 $3.05 $2.62
50% 50% 50%
40% 40% 40%
30% 30% 30%
20% 20% 20%
10% 10% 10%
0% 0% 0%
$2 $3 $4 $5 $6 $2 $3 $4 $5 $6 $2 $3 $4 $5 $6
9. Massachusetts 10. Colorado

$2.99 $3.10 EnergySage state pricing distribution
50% 50%
40% 40% EnergySage national pricing distribution
30% 30%
EnergySage state average, $/W
20% 20%
10% 10%
0% 0%
$2 $3 $4 $5 $6 $2 $3 $4 $5 $6

Solar Economics In Select States
Despite consistent, steady declines in the cost of solar at the national level, solar prices at the state
level have traditionally fluctuated more broadly due to local market dynamics, whether incentive-,
Quoted solar prices decreased
labor- or permitting-related. However, in the first half of 2020, the quoted price of solar decreased
in 9 out of the top 10 residential
in all but one of the top 10 states for residential solar on EnergySage (California).
solar markets during the first half
of 2020.
Pricing trends in top solar markets begin to stabilize
Over the last 24 months, solar prices in the top residential markets have begun to decrease more
predictably: in each of our last three Intel Reports™, solar prices have decreased in at least 7 out of
10 of the largest residential solar states. Solar payback periods are very closely tied to both electricity
rates and in-state incentive payments: for instance, the transition from the SREC program to the TREC
program in New Jersey led to slightly longer payback periods in the state in the first half of 2020.
State Solar Economics: Gross Cost Per Watt and Payback Period (Years)
H2 2018 H1 2019 Delta
RESIDENTIAL AVERAGE ELECTRIC
STATES MEDIAN PAYBACK MEDIAN PAYBACK PAYBACK
RANK $/W RATE (C/KWH)
$/W PERIOD $/W PERIOD PERIOD
California SEIA #1 $2.83 6.0 $2.83 6.3 20.49
Florida SEIA #2 $2.71 9.8 $2.60 10.2 11.64
Arizona SEIA #3 $2.70 7.0 $2.48 6.6 12.16
Texas SEIA #4 $2.75 12.0 $2.70 12.5 12.09
New Jersey SEIA #5 $2.85 5.5 $2.84 6.2 16.14
New York SEIA #6 $2.99 8.9 $2.96 8.2 17.17
Illinois SEIA #7 $3.15 6.4 $3.05 4.5 13.17
Nevada SEIA #8 $2.80 9.2 $2.62 8.5 12.12
Massachusetts SEIA #9 $3.15 6.4 $2.99 6.8 22.8
Colorado SEIA #10 $3.15 10.8 $3.10 10.7 12.04
Average state monthly consumption data from EIA.


State cost differential from national average
25¢
Solar costs can vary significantly from state-to-state. In the H1 2020, median quoted solar costs ranged /Watt
from $2.48 per Watt in Arizona to $3.20 per Watt in New Hampshire, the state with the highest quoted
Median solar prices were
solar price on EnergySage for the second half-year in a row. The 29 percent spread in median quoted
within 25 cents per Watt of the
prices represents an increase from a spread of 24 percent in the second half of 2019.
national median in all but three
states in H1 2020.
Solar prices are lower in the West; higher in the North
In general, solar prices during the first half of 2020 were higher in North Central and Northeastern states
than in Western states. Overall, the median quoted solar price was within a quarter of the national median
in all but three states: Washington, Minnesota and New Hampshire. Note: these median prices are
inclusive of the impact of state-level COVID-19 related shutdowns.
$2.85 per Watt

State Pricing Difference from EnergySage National Median ENERGYSAGE NATIONAL MEDIAN
15%
% Difference from national average $/W
State solar pricing:
0%
-15%
$2.48 per Watt $3.20 per Watt

CT
UT
VT
AZ
FL
WA
NV
OH
TX
AR
DE
NC
ME
CA
NJ
OR
MD
IN
VA
PA
ID
NY
DC
RI
MA
GA
IL
NM
SC
MI
LA
MO
WI
CO
MN
NH
LOWEST PRICE HIGHEST PRICE

Solar System Characteristics in Select States
Every quote a solar shopper receives on EnergySage is custom, meaning that solar panel system
characteristics will vary from quote-to-quote. In general, higher average monthly electricity
usage in a state is aligned with larger quoted solar panel system sizes on EnergySage, as solar
States with higher electricity
companies typically design systems to cover 90+ percent of a customer’s usage in 9 of the top 10 usage see larger quoted
residential markets. solar systems, adjusting for
the amount of sun hours a
System sizes are impacted by average electricity usage, as well as average insolation state receives.
California saw the lowest average monthly electricity usage, and the smallest quoted system sizes out of the top 10
residential solar markets. Florida, on the other hand, had the highest monthly average consumption paired with the
largest quoted solar system sizes in H1 2020. However, in order to offset over 90 percent of an average solar shoppers
usage, quoted system sizes in New Jersey and New York must be larger than those in Colorado and Arizona, despite
lower monthly consumption.
State System Characteristics: Quoted System Size (kW) and Usage Offset (%)
RESIDENTIAL System Size % offset Delta Delta AVERAGE MONTHLY
STATES
RANK H2 2019 H1 2020 H2 2020 System Size $/W CONSUMPTION (kWH)
California SEIA #1 7.7 7.8 103 460
Florida SEIA #2 12.9 12.7 95 930
Arizona SEIA #3 10.5 9.5 95 770
Texas SEIA #4 12.4 12.2 92 920
New Jersey SEIA #5 11.7 11.1 96 560
New York SEIA #6 10.7 10.3 91 540
Illinois SEIA #7 8.9 9.9 86 640
Nevada SEIA #8 10.7 10.7 98 670
Massachusetts SEIA #9 9.0 9.1 94 550
Colorado SEIA #10 8.9 8.6 97 640


State System Sizes:
Difference from EnergySage National Average 62%
Across the country, average quoted system sizes ranged from 7.8 kW in California to 12.7 kW
in Florida, the states with the smallest and largest system sizes for the second Intel Report™ in Quoted system sizes vary
a row. In more than half of states analyzed, the quoted system size is within one kilowatt of the significantly from state to
national average. state, with a 62 percent spread
between California and
Larger system sizes track higher monthly electricity consumption Florida in H1 2020.
Aside from a few notable outliers, system sizes tend to increase as monthly electricity consumption increases:
average monthly consumption exceeded 750 kilowatt-hours (kWh) in all but four of the states where quoted
system sizes were larger than the national average, but only for two of the states where the average system
sizes were below the national average.
10.0 kW
State System Size Difference from EnergySage National Average ENERGYSAGE NATIONAL AVG.
30%
% Difference from national average kW
State system sizes:
0%
-30%
7.8 kW 12.7 kW
UT
VT
CT
CA
DC
ME
CO
WI
MI
MA
NM
LA
RI
AZ
NH
IL
NY
MO
OR
MN
NV
OH
NC
GA
IN
NJ
PA
WA
DE
SC
MD
VA
TX
AR
ID
FL
SMALLEST SYSTEMS LARGEST SYSTEMS


Marketplace Share: Equipment
EnergySage Marketplace share is indicative of consumer preference and the resultant sales >
behavior of small-to-midsize solar installers. Marketplace share for solar panels continues to skew
towards premium products on EnergySage, while only two companies received a combined 91
More quotes included Enphase
percent of quotes in the inverter Marketplace. products than SolarEdge
products in H1 2020 on
Installers continue to quote more varied solar panel brands than inverter brands EnergySage for the first time
In H1 2020, three out of every four quotes on EnergySage included one of five solar panel brands, while since 2015.
nine out of ten quotes included only one of two inverter brands. Both consumer preference for high-
quality equipment and active promotions help to drive solar panel equipment Marketplace share: the
increase in quotes for REC solar panels in particular is at least partially attributable to a promotion
launched on EnergySage in Q2 2020. More quotes included Enphase products than SolarEdge products
in H1 2020 on EnergySage for the first time since 2015.
Top Panel Brands Top Inverter Brands

Top Inverter Brands
100% 100%
Others (18) Others (8)
Jinko Solar SMA
75% 75%
Solaria Sunpower
Hyundai APsystems
SunPower Corporation SolarEdge
50% 50%
AXITEC, LLC Enphase
Silfab Solar
25% REC*
25%
Q CELLS
LG*
0% Panasonic* 0%
6
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*Rebate offered. All solar panel manufacturers are eligible to offer a rebate to consumers via the EnergySage Marketplace.

Solar Equipment Characteristics
EnergySage analyzed the quoted cost per Watt by system size and module efficiency, as well as
the wattage of panels quoted over the last three years. In H1 2020, the Marketplace continued
to see three trends observed in previous Intel Reports™: economies of scale in pricing for larger
Higher wattage panels are
systems persisted; higher efficiency, premium panels were quoted at higher prices; and the shift
increasing in popularity
towards larger panel sizes accelerated. despite higher costs for higher
efficiency products.
Marketplace continues shift to higher wattage panels
For the second straight six month period, the trend away from quoting 320 to 330 Watt panels in favor
of larger, high-powered panels continued. In fact, the number of quotes that included panels larger than
370 Watts tripled in H1 2020, while the same amount of quotes included panels 350 Watts and larger as
those that included panels 320 Watts and smaller. Prices for larger systems (i.e., 11-12 kW) are priced Solar Cost vs. System Size, $/W by kW
$3.50
16% less expensive on a dollar per Watt basis than small systems (i.e., 2-3 kW), while higher efficiency
panels are 14% more expensive on a $/W basis. $3.25
Median $/W
Percent of Quotes by Panel Size $3.00
50%
$2.75
$2.50
40% <2 3 4 5 6 7 8 9 10 1 2 2
2- 3- 4- 5- 6- 7- 8- 9- -1 -1 >1
10 11
System size, kW
30%
Solar Cost vs. Efficiency, $/W by %

$3.25
20%
$3.00
Median $/W
10%
$2.75
0% $2.50
<270 270-280 280-290 290-300 300-310 310-320 320-330 330-340 340-350 350-360 360-370 >370
.5
.0
.5
.0
.5
.0
8
1
-1
-1
-1
-2
-2
-2
.0
.5
.0
.5
.0
.5
Solar panel size, W
18
18
19
19
20
20
Panel efficiency, %
H2 '17 H1 '18 H2 '18 H1 '19 H2 '19 H1 '20
Median $/W

Installer Equipment Offerings
Tracking installer equipment offerings over time provides a useful metric for analyzing both 60%
customer choice and installer brand loyalty. During the first half of 2020, half of all installers
only offered one or two different brands of solar panels, while 60 percent offered only one or
The percentage of installers
two brands of inverters. loyal to a single inverter brand
decreased by 60 percent in
Shift in installer inverter equipment choices in H1 2020 H1 2020 on EnergySage.
The most noticeable difference from H2 2019 to H1 2020 is in the percentage of installers who are
quoting either a single or three brands of inverters: the percentage loyal to a single inverter brand
decreased by 60 percent, while the percentage offering three different brands more than doubled.
One-third of installers quoted four or more different brands of solar panels in H1 2020.
Number of iinverter brands offered

Number of Panel Brands Offered Number of Inverter Brands Offered
100% 100%
75% 75%
50% 50%
5+ 5+
4 4
3 3
25% 25%
2 2
1 1
0% 0%
6
0
'1
'1
'1
'1
'1
'1
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1
1
H
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Installer Equipment Pairings & Price
EnergySage analyzed the comparative cost differences across the ten panel and inverter +
pairings quoted most frequently to Marketplace shoppers over the 12 months between July
2019 and June 2020. The average quoted price for all but one of the top pairings was below
Nationally, the equipment pairing
$3 per Watt over this time period. of Panasonic solar panels and
Enphase inverters was the most
Regional variations in equipment preference persist frequently quoted package
The ten equipment pairings included in this chart accounted for more than 80 percent of all quotes on EnergySage.
on EnergySage between H1 2020, and are the same top ten combinations as in our previous Intel
Report™. For the most part, packages with LG or Panasonic solar panels were the most quoted
pairings in both the Eastern and Western US, while the pairing of Silfab Solar with SolarEdge was
the most quoted package in nine states, including most of the North Central US.
Top 10 Equipment
Percent Difference from Least Expensive Equipment Pairing
30%
25.1%
20%
% Difference ($/W)
10% 9.1%
8.3%
6.9%
6.0%
4.4%
3.2% 3.7%
2.4%
0.0%
0%
PANEL
+ + + + + + + + + +
INVERTER

Financing Products
Solar loans continue to increase in popularity both on EnergySage and within the broader 50%
solar market. While the loan market remains rather fragmented on EnergySage, the top four
providers accounted for half of quotes that included loans in the Marketplace between
The top four loan providers
H2 2019 and H1 2020. accounted for half of all
quotes with loans
Most installers continue to work with either one or two financiers on EnergySage during
Despite the number of different loan providers available for solar installers to work with on H2 2019 to H1 2020.
EnergySage, 61 percent of installers who offer loans on EnergySage worked with only one or
two different lenders. The percentage of installers working with at least one loan provider in the
Marketplace has remained reasonably steady over the last two years.
Loan Products per Installer

Financing Provider Marketplace Share Loan Products per Installer
100% Others (56) 100%

Medallion Bank 5+
Salal Credit Union 4
75% Matadors Community 75% 3
Credit Union
2
REPOWER by Solar
Universe 1
50% Mosaic 50%
Energy Loan Network

LoanPal
25% Sungage Financial 25%
Dividend Solar
Sunlight Financial
0% 0%
6
0
6
'1
'1
'1
'1
'1
'1
'1
'1
'2
'1
'1
'1
'1
'1
'1
'1
'1
'2
1
1
H
H

Price Dispersion for EnergySage Customers $2.71 $
$
$ $3.24
/Watt /Watt
Solar shoppers assess quotes on more than just price. From the quality of solar equipment to
the ratings and reviews of the installer, there are a variety of metrics to consider when making
Individual solar shoppers
a solar decision. To track how the range of quoted prices have changed over time, EnergySage
see a range of quoted prices
analyzed the average maximum and minimum quotes that individual shoppers received.
from an average minimum price
of $2.71/W to an average
Shoppers see a $5,300 difference between lowest to highest quotes, on average maximum price
The average solar-interested customer on EnergySage could expect a range of quoted solar costs
of $3.24/W.
of 19 percent on a $/W basis in H2 2019 through H1 2020, the widest spread of prices since the
first half of 2017. For the average 10 kW system on EnergySage, this meant an average difference of
$5,300 between the upfront price of the minimum and maximum quotes received by each customer.
The movement of the average minimum price away from national median price may be indicative of
overall downward pressure on solar prices in the first half of 2020.
Customer Price Dispersion Over Time
$4.25
$4.00
$3.75
$3.50
$/Watt
$3.25
$3.00
$2.75
Min/Max
Median
$2.50
H1 ’14 H2 ’14 H1 ’15 H2 ’15 H1 ’16 H2 ’16 H1 ’17 H2 ’17 H1 ’18 H2 ’18 H1 ’19 H2 ’19 H1 ’20

In case you missed it: What Can EnergySage Data Do for You?
Three recent reports from EnergySage EnergySage is the most visited website in the solar industry and the leading online marketplace for
solar and storage comparison shopping in the country. As a result, EnergySage data provides a unique
energysage.com/data look at the solar industry from both the consumer and installer perspectives.
The EnergySage Marketplace data included in this report reviews nearly twenty million transaction
Solar Installer Survey: level data points from custom solar quotes provided to active solar shoppers on EnergySage from
2019 Results
July 2019 through June 2020.
Although this report presents this data aggregated at a very high level, EnergySage selectively partners
with different organizations in the solar industry to provide custom data reports, including equipment
manufacturers, national research laboratories and investment firms. If you’re interested in custom
solar data reports, explore our options at energysage.com/data or email us at data@energysage.com
to set up a consultation today.
Solar prices continue to drop, but at a

Special Report: slower rate than in previous twelve month
Assessing the impact of COVID-19 on
residential solar periods. See page 4 to learn more!
Solar Marketplace Intel Report™

Data from H1 2019 to H2 2019

About EnergySage, Inc.
EnergySage is the leading online comparison-shopping marketplace EnergySage is unique in that it allows consumers to request and
for rooftop solar, energy storage, community solar, and financing. compare competing quotes online, unlike traditional lead-generation
Supported by the U.S. Department of Energy, EnergySage is the websites. For this reason, leading organizations like Environment
trusted source of information for over 10 million consumers across America, Connecticut Green Bank, Duke University, National Grid, and
35+ states. In 2019, the company sent over $5 billion in solar Staples refer their audiences to EnergySage to empower them as
installation requests to its network of more than 500 they consider solar. The EnergySage formula of unbiased information,
pre-screened solar installation companies, and serves as a transparency and choice helps consumers go solar with confidence–
high-quality lead source for solar financing companies and at a higher rate of adoption, and lower cost.
powerful distribution channel for solar equipment manufacturers.
For more information, please visit EnergySage and follow us:
Facebook, Twitter, YouTube, and LinkedIn.

EnergySage SolarMarketplace Intel Report H22019 H12020

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EnergySage's Solar Marketplace

EnergySage on EnergySage, as well as the least expensive Panasonic Solar

& Battery Storage

Solar Marketplace Intel Report™ data@energysage.com | www.energysage.com/data 2

30% H1 '20 Median:

H2 '19 8.2 years 9.9 kW

NOTE: Data have been revised to remove outliers in user-provided data.

Solar Marketplace Intel Report™ data@energysage.com | www.energysage.com/data 3

2019 Solar Pricing Distribution:

Solar Marketplace Intel Report™ data@energysage.com | www.energysage.com/data 4

A desire for backup power drives consumer interest in storage

Solar Marketplace Intel Report™ data@energysage.com | www.energysage.com/data 5

Tesla: most quoted brand at the lowest quoted price

NOTE: Data have been revised to remove outliers in user-provided data.

Solar Marketplace Intel Report™ data@energysage.com | www.energysage.com/data 6

Consumer interest in solar has strongly rebounded since May

install solar at my house

4% 13% 20% 26% 37%

Significantly less interested Slightly less interested No change

Leads y/y Slightly more interested Significantly more interested

NOTE: Data have been revised to remove outliers in user-provided data.

Solar Marketplace Intel Report™ data@energysage.com | www.energysage.com/data 7

COVID-19 accelerates the existing push to digital solar sales

6% 7% 21% 30% 36%

8% 9% 38% 36% 23%

More likely than before Much more likely than before

NOTE: Data have been revised to remove outliers in user-provided data.

Solar Marketplace Intel Report™ data@energysage.com | www.energysage.com/data 8

1. California 2. Florida 3. Arizona

40% 40% 40%

30% 30% 30%

20% 20% 20%

10% 10% 10%

4. Texas 5. New Jersey

40% 40% EnergySage national pricing distribution

NOTE: Data have been revised to remove outliers in user-provided data.

Solar Marketplace Intel Report™ data@energysage.com | www.energysage.com/data 9

6. New York 7. Illinois 8. Nevada

40% 40% 40%

30% 30% 30%

20% 20% 20%

10% 10% 10%

9. Massachusetts 10. Colorado

40% 40% EnergySage national pricing distribution

NOTE: Data have been revised to remove outliers in user-provided data.

Solar Marketplace Intel Report™ data@energysage.com | www.energysage.com/data 10

California SEIA #1 $2.83 6.0 $2.83 6.3 20.49

Florida SEIA #2 $2.71 9.8 $2.60 10.2 11.64

Arizona SEIA #3 $2.70 7.0 $2.48 6.6 12.16

Texas SEIA #4 $2.75 12.0 $2.70 12.5 12.09

New Jersey SEIA #5 $2.85 5.5 $2.84 6.2 16.14

New York SEIA #6 $2.99 8.9 $2.96 8.2 17.17

Illinois SEIA #7 $3.15 6.4 $3.05 4.5 13.17

Nevada SEIA #8 $2.80 9.2 $2.62 8.5 12.12

Massachusetts SEIA #9 $3.15 6.4 $2.99 6.8 22.8

Colorado SEIA #10 $3.15 10.8 $3.10 10.7 12.04

Average state monthly consumption data from EIA.

Solar Marketplace Intel Report™ data@energysage.com | www.energysage.com/data 11

$2.85 per Watt

$2.48 per Watt $3.20 per Watt

LOWEST PRICE HIGHEST PRICE

NOTE: Data have been revised to remove outliers in user-provided data.

Solar Marketplace Intel Report™ data@energysage.com | www.energysage.com/data 12

California SEIA #1 7.7 7.8 103 460