Insights Newsletter #3
The latest updates, news, and trends for solar business, all in one place.
Happy Friday!
Welcome to the Solar Business Insights bi-weekly newsletter! We’re happy you’re here.
Stay up to date on the latest solar market trends, technology, policy updates, strategies, and more. We do the research on each topic and gain insights from solar professionals. Our goal is to provide everything you need to know about solar business, all in one place.
Each newsletter starts with a question with answers from the solar business community.
Question of the week:
Q: What customer relationship management (CRM) technology does your company use? What are the benefits and drawbacks?
A: HubSpot & NetSuite. Both are expensive, and Netsuite requires developers. You should have at least one person on the team who becomes dedicated to mastering the CRM. That's the hidden cost of a lot of CRMs. They're super powerful, but you need some dedicated employees.
Need a CRM specialist on your team?
If you want to grow your solar business, but don’t know where to start with a CRM, Jolly Inbound is ready to help. Jolly Inbound’s team of expert hubspot consultants provide comprehensive solutions for automating marketing, sales, and customer service. The team provides workshops, training, and continuous support along your HubSpot journey.
Learn more and get started today by scheduling a free consultation.
Solar Market Trends
The NREL released the Summer 2023 Quarterly Solar Industry Update. Here are a few key data points and what they mean for your solar business.
In Q2 2023, the U.S. module price increased by 2% compared to Q1. The price averaged $0.37 per watt of direct current power output. The price increase could impact your profit margins, especially if the price continues to rise.
The U.S. reached record levels of PV installations, 5.7 gigawatt alternating current (GWac).
The US solar industry installed 6.1 gigawatts-direct current (GWdc) of capacity in the first quarter of 2023, a 47% increase from Q1 2022 and a 19% decrease from Q4 2022. This was the best first quarter in the industry’s history, led by delayed utility-scale solar projects coming online.
This is proof that solar is still a growing market and provide an optimistic future for the industry.
Global prices of polysilicon decreased by 70% from mid-April to mid-July and global module prices reached a record low price of $0.17 per watt due to oversupply, competition, decreasing commodity prices, and currency fluctuations.
The decrease in the price of some materials means you can lower your prices to make them more attractive to customers while maintaining profitability.
Regulatory Updates
On August 24, 2023, the Arizona Corporation Commission voted to cut the compensation rates for exporting solar energy to the grid. The ACC is considering a restructure of solar compensation in the state, but the final decision is not yet made. Solar advocates are against the proposed policy.
The advocates view solar as a solution to take control of energy costs rather than being subject to electricity rate increases. We plan to keep a watch on this potential new policy.
The “Big Wires” bill is a new legislative proposal seeking to establish a requirement for power lines to carry at least 30% capacity at all times. The goal is to facilitate the development and transfer renewable energy across the United States to meet growing energy demands and decarbonization goals. In order to reach this goal, there must be more renewable power.
What this means: The bill is beneficial to solar businesses and could open up new markets to expand reach. The goals of the bill align with the solar industry’s objective to promote the growth of solar and reduce carbon emissions.
Business Strategy
Have you heard of Google’s Project Sunroof? The program helps homeowners estimate how much they can save by installing rooftop solar. The information available has been limited thus far, but Google recently announced they will sell Solar API data to businesses for an improved customer experience.
Using Google’s solar API can help your team generate reliable designs without needing an onsite appointment, which may speed up your overall solar process.
Check out this link for a demo of Google’s Solar API.
Virtual power plants (VPPs) are on the rise. SDG&E, a utility company in California, announced its Shelter Valley VPP project to help reduce the strain on the grid during peak demand. Here are a few ways your solar business can get involved in the VPP market.
Offer solar installations for VPP projects. Reach out to residential, commercial, and industrial companies that may consider solar installation.
Collaborate with VPP software companies to integrate solar systems with their platform.
Share data from your solar installations with VPP operators to help them understand solar generation patterns and further develop the technology.
Advocate for solar policies that encourage the growth of VPPs and the transition to renewables.
Educate your customers on the benefits of VPP participation and its benefits.
Solar Technology & Innovation
In our last newsletter, we covered a floating solar project in Florida. Mountain Regional Water, a water treatment plant in Utah, is considering a similar design. The company’s goal is to use an untapped resource, offset 92% of the energy consumed from the grid, and reduce costs by 80%. Construction for the floating solar project is estimated to begin in June 2024.
If you are a solar developer or business, have you considered floating solar? Let us know on this form. We are interested to hear about your findings, challenges, and success with this design.
Solar is for more than just rooftops. Dryad Networks developed a solar-powered wildfire sensor with AI technology to detect gasses involved in fires. The sensor is built with a solar cell that provides long-lasting power for up to 15 years without the need for maintenance or batteries.
If your business operates in an area subject to wildfire, consider exploring this technology from Dryad Networks as an accessory product offering.
Solar Funding
Peregrine Energy Solutions signed an agreement with AB CarVal to raise $700 million in credit, equity, and debt funding for over 7 GW of renewable energy and storage facilities across North America.
The funds will go towards development of five independent system operators in 10 states with goals to ensure grid stability and support the transition to renewable energy.
Take notes.
Continually seek investment partnerships, venture capital, and financing options to support the development of your business’ solar projects.
Explore opportunities in different regions to tap into diverse customer bases and regulatory environments.
Build your team expertise on solar technology, energy storage, and other areas for continuous growth and development.
Upcoming Events & Conferences
RE+ is a clean energy conference and trade show happening in Las Vegas, Nevada on September 11-14, 2023.
The Battery Show is happening on similar dates (September 12-14, 2023). It is North America’s largest advanced battery and H/EV event.
Before you log off for the weekend, don't forget to schedule your free HubSpot CRM consultation with Jolly InBound!
Want your company, service, or press release featured in the newsletter? Let us know by answering a few quick questions on this form.
Have a fantastic weekend!
- Thomas Keller & Faith Foushee
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 includes some referral links, meaning we may earn a commission if you make a purchase, it is not an added cost. By using our referral links, you are helping support Solar Business Insights. Please contact us with any questions.
Who is the business that is using Hubspot and netsuite?