Q3 Solar Profits Shatter Records!

According to new research done by Wood Mackenzie and the Solar Energy Industries Association, the U.S. residential solar power industry pulled off a record for solar panel installations. 

Solar in California still accounted for about 40 percent of all solar panel installations. But the Northeast states — traditionally powerhouses in the sector — were completely absent from a ranking of the top five state markets, with other regions stepping up to the plate and making their mark. 

Record quarters in 15 states proved to be enough to break another record at the national level, with the U.S. adding 712 megawatts of new residential solar-powered systems, an increase of 8 percent from the same period last year.

Resiliency is driving significant demand in markets like California, where utility power shutoffs left millions without power for certain periods in 2019. The shutoffs spurred significant demand for solar panels as well as storage.

High-profile coverage of the California shutoffs and intensifying wildfires have meant an increase in solar-powered system demand as far away as Texas. Sunnova CEO John Berger said; “This is not going to go away. It’s not a one-time event or two times. It’s not just the wildfires; it’s the hurricanes as well.”

Analysts are forecasting an 8 to 18 percent growth in the nationwide residential solar energy market throughout 2021. The sector is expected to take a dip and rebalance when the ITC ends in 2022 for customer-owned solar-powered systems; loans for solar are expected to dominate the financing for residential solar energy customers.

The utility sector remains healthy, with a pipeline over 45 gigawatts, its largest ever. The non-residential market, including community and distributed solar panel installation, continues to struggle, hindered by unfavorable policy changes in key state markets such as solar in California, Massachusetts, and Minnesota.

Do you think the residential solar energy market will continue to break records in the final quarter of 2019? Comment below and let us know.

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