Insights Newsletter #10
Check out the latest solar energy updates, reports, and learn how you can promote your business!
Happy Friday!
Welcome to the latest edition of the Solar Business Insights bi-weekly newsletter!
Big news! In 2024, we’re launching a members-only website dedicated to providing invaluable resources for your solar business to thrive. The site will include resources and guides about regulatory policies, business strategies, solar reports, and much more.
Want early access? Enter your email to join the waitlist and secure your spot. Don’t miss this opportunity to stay ahead in the ever-evolving solar industry!
Solar Energy News
A positive outlook for the solar industry: Based on proposed solar projects, the International Energy Agency (IEA) expects to reach the minimum 2030 clean energy targets for clean energy deployment towards achieving net-zero emissions by 2050. Here are a few key points from the IEA’s latest State of Clean Technology Manufacturing.
Increased manufacturing capacity is a major key to reaching net-zero goals. Solar PV manufacturing capacity increased by 40%, batteries increased by 10%, and electrolyzers increased by 20% in Q2 and Q3 of 2023.
Global PV production is expected to reach 1,650 GW by 2030.
China leads the battery manufacturing but the US and Europe are making significant investments to close the gap.
The US Army & the Gila River Indian Community are teaming up for a canal-top solar project in Arizona. The project goal is to conserve water while generating power in drought-prone areas.
The project will kick off in 2025 with phase one, which will cost $6.7 million.
Phase one includes 1000 feet of solar over the canal to generate a megawatt electricity for the tribe.
Putting solar over the canal will reduce water evaporation and support water conservation efforts.
This project demonstrates…
Innovative ways to use solar technology beyond traditional settings to expand markets
Ways to increase positive public perceptions and gain support for similar projects
Market Trends
Solar prices will decrease in 2024, according to the IEA, but will still be 10% to 15% higher than 2020 prices. The costs reflect demand, supply chain issues, and more expensive costs associated with freight, polysilicon, and metal products. Although solar is expensive, the cost of other energy sources like coal, oil, and natural gas has increased at an even quicker rate.
Leveraging comparative cost is a helpful solar selling point. Educate customers about how much they would spend on energy during the lifetime of their solar panel system versus traditional electricity sources.
Here are a few ways to communicate compared costs:
Calculate the total cost of ownership for the solar panels lifetime (25-30 years)
Compare and contrast with traditional electricity sources for the same period
Highlight long-term savings from reducing/eliminating electricity bills
Factor in rising energy costs from conventional sources
Discuss financing options and incentives that can further reduce the total cost
Customize the compared costs to the individual to create a personalized experience
California is trending down. The California Solar and Storage Association released data about the solar market trends in California since the NEM 3.0 decision in April 2023. Here are a few interesting points.
Rooftop solar projects dropped 77% to 85%
Interconnection applications decreased 66% to 83%
Anticipates a loss of 17,000 solar jobs by the end of 2023
California has been a leader in the U.S. solar market for years. This downturn is impacting solar businesses from the big brands to the smaller installation companies.
Business Strategy
Is referrals your business growth strategy?
The solar industry is known for using a referral system to reach new customers. Word of mouth is a strong strategy to create brand awareness and increase trust and credibility. A recent Forbes article counters this business strategy by highlighting the limitations of relying on referrals. The article explains businesses should try the following for more predictable and sustainable growth.
Create a predictable sales process: Identify key performance indicators and document a repeatable step-by-step sales strategy.
Develop a marketing strategy: Determine your core message that distinguishes your business from competitors then choose platforms to advertise your message.
Figure out operational scale: Optimize your workforce for growth through high-quality candidates and training. Review your cost structure and pricing strategy to ensure profitability as the business grows.
Fast-growing companies differentiate themselves by doing more than waiting and relying on referrals.
Solar Innovation
New solar cell technology: LONGi recently announced a silicon-perovskite tandem solar cell achieving an outstanding 33.5% conversion efficiency, beating their efficiency records. Perovskites are a potentially cost-effective alternative to traditional silicon solar cells.
Solar Funding
The Biden-Harris administration recently announced $40 million dedicated to increasing training opportunities for the clean energy workforce with 27 training centers. A successful transition to green energy requires trained and skilled individuals to complete solar and battery installations.
The funding for clean energy training centers has the potential to positively influence the solar industry by addressing workforce challenges, fostering innovation, and supporting the continued growth of solar businesses.
Get Noticed: Share Your News with 5,000+ Solar Professionals
You can grow your business by advertising with the SBI newsletter. We release a bi-weekly newsletter reaching over 5,000 solar business professionals.
What can I promote?
Your business, services, & projects
Press releases
Case studies
Latest reports
Events, conferences, & webinars
Have another idea?
Upcoming Events & Conferences
Intersolar North America: January 17-19, 2024
San Diego, California
RE+ Hawai’i: January 22-23, 2024
Honolulu, Hawai'i
Have a fantastic weekend!
- SBI Team
The purpose of this newsletter is to stay informed on business in the solar industry. Advice or opinions may be included, but any actions taken are at your own risk. This page may include referral links or sponsored advertisements at no added cost to you. Any purchases made help support the creation of the Solar Business Insights newsletter. Please contact us with any questions.