Jan Scott, a lead installer and repair technician at Unbiased Energy, works on a residential photo voltaic set up mission on a roof in Boulder, Colorado. Photograph by Joe DelNero / NREL
In the present day, EnergySage, a market for shoppers to buy, evaluate, and save on clear house power options, launched the outcomes of its eighth annual Electrification Contractor Survey, the primary to broaden to incorporate professionals working in solar-adjacent, whole-home electrification fields, from power storage and warmth pump programs to electrical car charger installations and essential panel upgrades.
A number of hundred contractors throughout the electrification business and all through the nation participated on this yr’s survey, which sheds gentle on the challenges confronted by contractors immediately, obstacles to rising their companies, and contractors’ predictions on how electrification installations will evolve within the coming years.
This report captures key observations concerning the U.S. residential photo voltaic business, the warmth pump business and residential electrification over a large cross-section of native, regional, and nationwide contractors. It offers an in depth take a look at the present state of the business, in addition to the outlook of contractors going ahead and their plans for development.
Notable insights from the 2024 Electrification Contractor Survey embrace:
The vast majority of photo voltaic installers and different clear power contractors predict development
Over 80% of contractors surveyed anticipate their annual photo voltaic installations to extend over the subsequent three years. Most respondents who predict photo voltaic gross sales staying flat or reducing are primarily based in California, underscoring the regulatory challenges in that state. 90% of the respondents surveyed predict development in photo voltaic battery storage, and 94% anticipate development in warmth pump installations.
Client curiosity in diversifying clear power merchandise is rising
For the primary time, survey respondents said that their most important enterprise objective over the subsequent three years is to broaden into new merchandise and markets to satisfy the rising client curiosity in renewable power merchandise past photo voltaic panels. Practically half of all photo voltaic installations embrace a secondary product (corresponding to photo voltaic battery storage, sensible thermostats, warmth pumps, power monitoring, and so forth.), which accounts for 30% of all income for these companies.
Financing choices turned the most important barrier to rising enterprise
This yr, 1 / 4 of respondents recognized an absence of fascinating financing choices as the first problem to rising their enterprise. 82% say growing rates of interest have decreased curiosity in photo voltaic, and three-fifths of contractors anticipate the rate of interest impacts will proceed for a yr or extra.
“The clear power business navigated difficult rates of interest and incentive modifications in 2023, but set a brand new document as the very best yr ever for residential photo voltaic installations, “ stated Charlie Hadlow, President and chief working officer of EnergySage. “These realities remind me of how proud I’m to be a part of an business and firm that proceed to beat such hurdles to deal with local weather change, assist tens of millions of People get monetary savings with renewable power, and allow contractors to develop their companies.”
EnergySage carried out this survey in This fall of 2023. In whole, almost 400 photo voltaic installers participated throughout 40 states and two territories: Washington, D.C., and Puerto Rico.
Information merchandise from EnergySage
