The photo voltaic business is bracing for a turbulent yr, and SolarReviews’ newly launched 2025 Photo voltaic Trade Survey lays out precisely why. The survey, now in its third yr, gathered insights from photo voltaic corporations throughout the business between December 2, 2024, and January 3, 2025, protecting every part from the Inflation Discount Act to workforce improvement and the state of the availability chain.
Ben Zientara, business and coverage analyst at SolarReviews, summed up the findings: “With pandemic-related provide chain points largely within the rearview mirror, the business is now overwhelmingly involved about political uncertainty and the potential for brand new tariffs and modifications to photo voltaic incentives.”
The largest takeaway – the photo voltaic business is on edge about what’s coming in 2025. Greater than half (56%) of corporations flagged the potential for new tariffs as a significant concern, whereas 50% are anxious about modifications to photo voltaic incentives. Legislative and political uncertainty isn’t serving to both, with 46% of respondents citing it as one in every of their greatest fears. Contemplating that Trump’s declaration of a nationwide vitality emergency excluded photo voltaic from its definition of vitality sources, that’s unsurprising.
The end result of the 2024 US elections has additionally influenced enterprise confidence. A 3rd (34%) of respondents stated their outlook for 2025 grew to become extra destructive as a result of election outcomes, whereas practically half (48%) reported no change. Solely 18% stated they felt extra optimistic about their enterprise prospects after the elections.
Regardless of these worries, most photo voltaic corporations stay resilient. Simply 7% of respondents stated they have been involved about staying in enterprise over the subsequent six months, whereas 38% count on to see their enterprise develop this yr.
One vivid spot is the availability chain. Over the previous two years, provide chain disruptions have steadily improved, with 43% of companies reporting that situations have been higher in 2024 in comparison with 2023. That’s a slight dip from the earlier yr when 69% of corporations noticed an enchancment, however nonetheless a constructive signal. Solely 11% stated provide chain points worsened year-over-year.
Residential photo voltaic installers proceed to evolve, increasing their providers past photo voltaic panels. The overwhelming majority (92%) of installers now supply vitality storage set up, up from 74% final yr. Equally, 86% of corporations are putting in EV chargers, up from 64% within the earlier yr.
Installers named Qcells, REC, and Silfab as their go-to photo voltaic module manufacturers, whereas Enphase, Tesla, and SolarEdge dominated the vitality cupboard space.
Nonetheless, one of many greatest challenges in 2024 was the wave of photo voltaic firm closures. A staggering 81% of installers reported that a minimum of one massive competitor of their service space shut down. Greater than 57% stated these closures led to destructive outcomes, together with a rise in service calls from clients left within the lurch by their former photo voltaic suppliers. To adapt, practically 1 / 4 of residential installers now supply third-party guarantee protection as a strategy to enhance buyer confidence and safe extra gross sales.
In the end, US photo voltaic remains to be anticipated to proceed its progress trajectory and preserve its high management amongst vitality sources.
Learn extra: Renewables generated 24.2% of US electrical energy in 2024 – EIA information
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