Insights Newsletter #14
Join us in overcoming solar sales challenges, understanding the psychology of solar adoption, and staying updated on industry news.
Happy Friday!
Welcome to the newsletter curated for solar business professionals, AKA Solar Business Insights. We find the latest news, trends, reports, and innovations in the solar industry, so you have everything you need to be at the top of your game, all in one place.
In today’s newsletter:
Journey of a Solar Salesman
NREL 2023 Standard Scenarios
How Interest Rates Impact Solar
Warm Approach Sales Strategy
How Community Influences Homeowners
Community-Based Social Marketing Strategy
US DOE Funding
Upcoming RE+ Conferences
Let’s get it started.
Past Poll Results:
In the Insights Newsletter #13, we asked, “What product offering are you adding in 2024?”
61% Solar roofs
19% Batter energy storage
16% Roofing, HVAC, windows
4% Smart panels
We were surprised by the responses! What are your thoughts about solar roofs? Let us know in the comments.
Journey of a Solar Salesman (Part 1)
Solar sales professionals are facing a decline in leads, posing a significant challenge to the industry. The struggle lies in reaching the right audience and using available tools to connect with potential customers.
It’s time for an updated approach to marketing and outreach to ensure sustainable business growth.
That’s why we’re sending a solar salesman from the SBI community on a journey to determine what tools are effective. He is starting with FindEnergy.com.
"With the changes and slow down in residential solar, we really needed new leads for our direct marketing efforts. Find Energy was able to immediately deliver warm lead data that helped us keep outbound marketing running. With leads only costing about $2-$3, it’s a no-brainer."
Stay tuned for the next newsletter for a journey update!
Email matt@findenergy.com for more information on exclusive residential solar leads in your service area from FindEnergy.com.
Solar Energy News
The National Renewable Energy Laboratory (NREL) just dropped its 2023 Standard Scenarios giving a sneak peek into how the US electricity sector might transpire through 2050. You can check out all 53 possible energy futures on the NREL Scenario Viewer, but here’s one scenario breakdown and other interesting details.
Reference point scenario: The middle ground projection is what could happen in the US electricity sector by 2050 based on current trends, electricity usage, fuel costs, and other details.
By 2050:
Wind: 750 GW
Solar: 1,100 GW
Natural gas capacity grows (200 GW under current policies, 130 GW under 95% emissions reduction)
Annual US electricity sector CO2 emissions in 2035 decrease by 81%
Clean Energy Tax Credit:
13 of 17 scenarios extend credits through 2050
95% net decarbonization achieved by 2050 with a 0.5% cost increase
100% net decarbonization by 2035 increases costs by 14%
Are you tired of hearing about interest rates? I know I am, but unfortunately, they are a challenge associated with the solar industry, so here we are.
The average loan interest rate reached 6% in Q3 of 2023, meanwhile, the interest rate in Q2 of 2022 was 1.99%. Rising interest rates result in increased solar financing terms. This is a major contributor to solar decline as 70% of solar projects are financed with loans.
What are other solar companies doing about this? Solar companies, like Palmetto, are turning to third-party ownership to provide more affordable solar loans and other options like leases and PPAs.
Business Strategy
2024 is the Year of the Warm Approach
Imagine a world where you already knew the person behind the door or on the phone was interested in what you’re selling. Instead of cold calling and knocking, you can take a warm approach with Find Energy. Here’s a glimpse at how it works.
Connect with Find Energy to determine lead volume in your area and discuss pricing.
Get exclusive access to lead data of customers who have indicated energy interest and awareness.
Plan & execute your warm approach marketing strategy.
Want to start a warm approach? Send an email to matt@findenergy.com for exclusive residential solar leads in your service area.
Solar Adoption (Psychology?)
Homeowners are influenced by their community. A recent report from the Lawrence Berkeley National Lab explains how social influence positively impacts rooftop solar adoption. Here are the three conclusions.
Residential adoptions increase by 1 to 4 adoptions per quarter in locations where solar has been installed on non-residential buildings like businesses, government buildings, schools, and houses of worship.
The influence is comparable to residential buildings, meaning residents are just as likely to adopt solar by a nearby non-residential installation as they are a nearby residential installation.
Influence varies across different building types. For example, schools and houses of worship are involved in the communities and may have a greater influence than others.
What does this mean for you? If your residential solar installations have slowed, consider finding influential local businesses, houses of worship, and other non-residential buildings. This could drive influence to homeowners, especially in high-intent neighborhoods.
Have you heard of community-based social marketing? Hmm let's ask a different question. Ever wondered why it's so difficult to convince others to embrace change? Turns out, bombarding homeowners with information or loss-themed messages doesn’t get you very far.
Going solar requires a lot of learning and changing the way you use and think about energy. Here’s the starting place for a community-based social marketing strategy.
What’s stopping consumers from installing solar? Maybe it's finding legit providers, cost uncertainties, or upfront expenses. Or maybe along the way they got lost deciding between a string inverter and a microinverter.
Why would they choose fossil fueled electricity? It's the comfortable choice and what they're familiar with. To combat comfort zones, consider showcasing the benefits of solar while highlighting the downsides of sticking to fossil fuels.
Create a campaign tailored to your audience. Do what makes sense for your community. Highlight PV projects, praise incentives, remind people why they should go green, and simplify the process.
Have you tried this approach? Share your experience in the comments!
Solar Funding
The US DOE is allocating $34 million to improve the reliability, resilience, and security of the power grid through the GOPHURRS program. The initiative aims to develop cost-effective, high-speed, and safe undergrounding technologies as part of the Investing in American plan.
The development of GOPHURRS technologies will propel the US’ clean energy transition by expanding the grid infrastructure to accommodate renewable energy generation, increasing distributed energy resources, and the use of EVs.
Boost Your Brand
Collaborate with the Solar Business Insights team to advertise in our bi-weekly newsletter reaching nearly 7,000 solar business professionals. Seize the chance to showcase your business, services, reports, events, and more.
Let’s boost your brand (to the sun & back)!
Solar Energy Conferences 2024
RE+ Northeast: February 13-14
Boston, Massachusetts
RE+ Northern California: March 12-13
Santa Clara, California
RE+ Southeast: May 17-18
Atlanta, Georgia
That’s all folks, have a great 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.
Upcoming Event: Florida Solar & Storage Summit is taking place April 29th - May 1st, 2024 at the Rosen Shingle Creek Hotel in Orlando, FL.