Insights Newsletter #5
Solar news updates, the Tesla Powerwall 3, virtual sales, & more!
Happy Friday!
Welcome to the latest edition of the Solar Business Insights bi-weekly newsletter!
News from the SBI team: You can now follow Solar Business Insights on LinkedIn! Connect with us and stay up to date with our newsletter releases and future projects.
If you’re new here, the purpose of our newsletter is to help your solar business stay informed 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: How do I sell solar remotely?
A: The key to doing virtual solar sales is a tight process from lead to appointment to proposal to signed contract. This keeps a high conversion rate through the whole funnel. Focus on the areas of productive sales and consider connecting with larger solar EPCs, like Titan and Freedom Forever, to do installations throughout the country.
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Have a question, idea, thought, or comment? Send them our way with this quick form.
Solar Market Trends
At this point, we know the IRA incentives have increased investments into the solar industry, but meeting demand is a challenge. Historically, many supplies come from overseas, but Trina Solar, Canadian Solar, and Longi announced the construction of solar molecule manufacturing facilities. Collectively the facilities will add 15 gigawatts (GW) of manufacturing capacity.
Before the IRA, the US had about 7 GW manufacturing capacity.
The addition of these facilities aims to address supply shortages for the solar industry and create thousands of jobs.
The increased capacity also encourages businesses to consider factors beyond price when it comes to procurement, such as origin and product quality.
In addition to an increased amount of manufacturing capacity. Many surveys have been conducted to gain insight on the promotion and adoption of solar. One survey interviewed 21,000 people in 21 countries. Here are the main results.
68% expressed support for solar energy
14% said they preferred fossil fuels
Solar and renewable technology has a promising future. If you don't believe us, Apple CEO Tim Cook also thinks so. Many companies, like Apple, are setting goals toward carbon neutrality to make a difference in the environment.
Business Strategy & Funding
Door to door sales has been a longstanding tradition in the solar industry. In today’s digital age, if you rely on door to door sales, you may be limiting your solar business.
What is virtual solar sales? The same process you would show a homeowner on their doorstep, except online. Your team can use screen sharing tools to display online solar proposals, designs, and discuss plans.
What are the benefits?
Quicker follow-ups with customers
More time for your team to reach more leads instead of driving
Better suits customers who prefer online purchases
Challenges?
Limited personal connection, find new strategy to build rapport and trust
Technical issues can cause frustration
Distractions at home may take attention away from your presentation
Blending your current door to door strategy with virtual sales could be the recipe for growth of your solar business.
Solar Technology & Innovation
You’ve read about floating solar, but have you heard about space solar? That’s right. Astronaut Tim Peak supports the idea to install solar farms in space.
Peak believes the idea to install solar farms in space is becoming financially viable due to the decreasing costs of launching heavy payloads into orbit.
The European Space Agency is actively exploring the concept of solar power plants in space and has begun two concept studies. They plan to present a business case to the EU in 2025.
Before becoming financially viable, the cost of launching cargoes must be $1,000 per kilogram or less.
The reusable design of SpaceX’s Falcon Heavy and Starship rockets can help the team reach this goal towards continuous energy generation.
RE+, the annual trade show for solar and renewables took place earlier this month. Many innovations and announcements were made at the conference. One announcement gaining a lot of buzz was about the Tesla Powerwall 3. While Tesla did not provide a ton of details, here’s what we know.
The new Tesla Powerwall 3 design is a fully integrated solar & battery storage system.
The new design has its own inverter, eliminating the need for a controller box.
Energy capacity remains 13.5 kWh, but the continuous power output rating doubled in power to 11.5 kW.
The Tesla Powerwall 3 can not be paired with older models.
Expected to enter the market in 2024.
Upcoming Events & Conferences
28th Annual National Solar Tour: October 6-8, 2023, In-Person & Online
EEBA Summit: October 10-12, Salt Lake City, UT
NESEA's BuildingEnergy NYC Conference: October 12, New York, NY
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!
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.