Solar panel installations grew by over 7,300 Installations over the first quarter of 2017
 

Last year was a little rough on residential solar installations. After an impressive 2016, where there were more than 90,000 installations, that number dropped almost 30 percent in 2017, but because this technology cannot be held down, the installations have already rebounded in 2018 by an impressive 11 percent, according to OHmHome’s Quarterly Report that just came out.

California Residential Solar Panel Market Shines Again

According to the report, California increased 14 percent over first quarter of last year. Since California accounts for nearly half of all solar panel installations in the U.S., the 14 percent increase helped all the numbers overall. Developing solar markets, like those found in Nevada and Florida, also lifted the market.
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Ohm attributes the growth in California to two primary factors. The first is that homes in California are increasing in value overall, and homeowners see that added value when they install solar panels. Second, there are more installations in homes that also incorporate battery storage as part of their overall solar plan. This market shift allows more people to buy solar, whereas before those consumers didn’t see the value.

Nevada Solar Panel Market Rebounded

When the Nevada State Legislatorcancelled net-metering, solar companies abandoned the market. Consumers saw that they had no way to get money back from the utilities because of the canceled program, so they stopped buying solar. Installers abandoned the market and the legislator noticed. In the middle of 2017, they reinstated the net-metering program, and the installers came back. Nevada saw a more than 700 percent growth because of the change in the program, but any number will be inflated because the number before was essentially zero.
 

Solar Panel Market is Strong Everywhere

Along with California, Massachusetts also had a nine percent growth over the first quarter of 2017. Just like in California, homeowners see the benefits of going solar, but it is not just Massachusetts and Nevada, the solar revolution is picking up steam across the country. Connecticut had a 100 percent year-over-year growth. Florida enjoyed a 71 percent growth, Oregon logged a 50 percent growth, and Washington enjoyed 41 percent growth. New York was right behind with a 40 percent growth, and Pennsylvania had a 26 percent growth over the first quarter of 2017.

Altogether there were nearly 73,000 solar power installations in the first quarter of 2018. It seems that the increase in installations is because of the continuance of federal tax credits, a renewed commitment from states to keep their programs in place.

Another market trend increasing all installations is battery storage. People want to be completely in charge of their power situation, and even if they are connected to the grid, people are choosing to incorporate batteries into their solar panel solution. As much as 74 percent of solar customers may be interested in a battery solution along with solar panels. Right now, less than 10 percent of solar panel installations have battery storage incorporated, but it doesn’t stop consumers from being curious.
 

Solar Power Plus Storage Becoming Economically Viable

States like California are adjusting their net-metering programs, to become Time Of Use rates (TOU). Basically, the companies charge more for power at certain times and less at others. Depending on usage, those rates can change. If consumers incorporate batteries into the solar panels system, then they have even more control over when they use power from the utility. Massachusetts, Hawaii, and Arizona have also changed their net-metering programs so consumers are combatting the change by adding batteries.
 

Financing is Helping the Solar Panel Market

When people don’t have to pay for everything at once, it is going to bring more consumers into the market, that goes for any market, and not just the solar market. More banks are warm to solar loans, or home improvement loans to cover the cost. Also, there are more companies that specialize in solar installation loans. In California, local utilities are also helping customers find financing. Many times those loan rates are at or even below market rates. Consumers and lenders are also getting more comfortable with long-term loans. Banks see that solar is an appreciating asset, and they also know that most people pay their home bills more often than not, and if a loan payment is the same or near the amount the homeowner was paying monthly to their utility, then the chances are good that there will be no problems with the loan.
 

The Solar Power Market Grows and Embraces Change

One thing that remains constant in the solar market is that it is always changing, growing, and adopting new technology. At HahaSmart, we notice that change right away.  We can also help you join the solar revolution by selling solar products 25 percent lower than the market price. Because we deal with manufacturers directly, we cut out the middleman. If you visit our price checker tool, you can see for yourself. We also can recommend certified installers who can save you money while giving you the solar power you can enjoy on even the hottest days.
For information relating to going solar don’t forget to visit our solar blog section for more handy guides and articles.