BloombergNEF Research Sees Household Solar Demand Surge in 2020

Palm Beach, FL – December 8, 2020 – Global demand for home solar has gone “through the roof” in 2020, according to Bloomberg research. Bloomberg New Energy Finance reported that U.S. residential solar installations were 21% higher during the first seven months of this year than the same period in 2019. BloombergNEF attributed the demand to Americans on pandemic lockdown becoming more conscious of household energy costs while at the same time going on a home improvement spree.

 

Along with solar demand, the U.S. just shattered its record for energy storage. According to the latest U.S. Energy Storage Monitor report, the third quarter of 2020 broke the record for new deployment of storage across the nation, obliterating the second quarter of 2020 (which previously held the record) by 240%. Although utility-scale “front-of-the-meter” systems led the way, the residential segment also had another record quarter.

 

With surging demand for residential solar and energy storage solutions, four of the most active companies are: NeoVolta (OTCQB: NEOV), Tesla (NASDAQ: TSLA), Jinko Solar (NYSE: JKS), Canadian Solar (NASDAQ: CSIQ) and Array Technologies (NASDAQ: ARRY).

 

NeoVolta recently announced a 211% quarter-on-quarter increase in first quarter 2021 revenues. The company reported that revenues for the quarter ending September 30, 2020 were $1,000,171, compared to $321,650 for the same quarter the previous year. With a dramatic increase in demand, NeoVolta has doubled its production in 2020 and plans to quadruple capacity by the end of this year. Read more about NEOV and recent news developments by visiting: https://www.neovolta.com/news/

 

Other developments in the residential solar and energy storage industries include:

 

Tesla (NASDAQ: TSLA) – Tesla, the California-based electric vehicle maker whose stock is trading at about $593 per share, recently became the sixth most valuable American company in U.S. stock markets. Best known for its electric cars, the renewables giant is a major global player in solar energy and storage. Tesla Solar Roof installations tripled in the third quarter of 2020, according to the company. In Lauderdale County, Mississippi, the Solar Roof V3 will be on installed on rooftops in the world’s first smart neighborhood. And on Twitter, Tesla has been urging people to purchase its home solar panels before the federal tax credit drops from 26% to 22% at the end of 2020.

 

Meanwhile, the Powerwall has been Tesla’s flagship residential storage product since its launch in 2015. The company installed its 100,000th Powerwall earlier this year, and high demand has led to significant delivery delays. As units become harder to get, Tesla has also increased the price of the Powerwall by about $500.

 

Jinko Solar (NYSE: JKS) – Jinko Solar, established in 2006 and trading at around $61 per share, is the world’s largest manufacturer of solar panels, offering a wide range of utility, commercial, and residential products. The Shanghai-based company, which has 9 production facilities worldwide and 14 overseas subsidiaries, has built a vertically integrated supply chain. Jinko share prices jumped 46.6% in October 2020 as polls indicated a likely Democratic win in the U.S. presidential elections and China pledged to become carbon-neutral by 2060. The company has also signed a long-term purchase agreement for 100 metric tons of polycrystalline silicon, ensuring a strategic supply of a raw material used to manufacture solar modules. In October 2020, Jinko released its first residential storage systems.

 

Canadian Solar (NASDAQ: CSIQ) – Canadian Solar, which was founded in 2001 and trades at around $40 per share, is one of the world’s largest solar power companies. Along with a portfolio of utility-scale power projects, it manufactures residential solar panels and string inverters. On July 1, 2020, the company celebrated Canada Day by launching the high-power HiDM Series 5 residential solar modules. Compared to standard solar panels, the HiDM5 delivers a 37% higher rooftop system capacity. For the quarter ending September 30, Canadian Solar announced that its solar module shipments grew 33% year-over-year and net revenue rose 20% year-over-year. The company expects to nearly double its manufacturing capacity by the end of 2021.

 

Array Technologies (NASDAQ: ARRY) – Array Technologies, which trades at around $36 per share, is a global pioneer in ground-mounted solar system design and manufacturing. Established in 1989, the Albuquerque-based company’s main product is the integrated system of steel supports, motors, gearboxes and electronic controllers known as a single-axis tracker. These systems track the sun from east to west, maintaining the solar panels’ optimal orientation to the sun and increasing their energy output. These single-axis trackers have become standard for utility-scale projects but can also be used for commercial and residential rooftop applications. To date, more than 20,000 Array Technologies trackers have been installed in homes.

 

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