May 15, 2023 Solar Industry Poised for Strong Growth in 2023

The nationwide survey carried out by SolarReviews indicates an optimistic outlook for the solar industry despite some challenges.

SolarReviews has released the results of its 2022 Solar Industry Survey. The Survey was conducted from February 6th through March 3rd, 2023, in conjunction with the North American Board of Certified Energy Practitioners (NABCEP), and saw nearly 450 respondents from across the United States solar industry.

The Report outlines key findings about how installers are responding to supply chain issues, labor shortages, and increased financing costs in the early days of the Inflation Reduction Act.

“This survey provides essential data about how the industry has dealt with the unique challenges of 2022, from supply chain issues to a shortage of trained workers—whilst companies prepare to grow in response to the Inflation Reduction Act,” said Andrew Sendy, President of SolarReviews.

Important trends revealed in the Survey’s results include:

• The solar industry continues to grow
• 63% of residential installers reported increased demand in 2022
• 73% expect to sell more solar in 2023
• The Inflation Reduction Act will benefit solar
• 62% of all respondents expect to expand their business in 2023
• 30% say they plan to take the Section 48 Investment Tax Credit (commercial ITC) for the first time
• More installers are offering energy storage and EV charger installation
• 81% now provide energy storage installation, while 67% offer EV charger installation
• 63% have both additional services
• Ongoing difficulties with the supply chain
• 67% of all respondents reported issues of the same or worse severity in 2022 compared to 2021
• Cautiousness in the face of delayed guidance from the Department of the Treasury and the Internal Revenue Service
• 38% were waiting to see final guidance before deciding whether to take advantage of the IRA’s low-income incentives (guidance was released while collecting responses)
• 34% reported they would not expand low-income offerings or the new incentives didn’t affect their business

Questions about the Survey and Report can be directed to press@solarreviews.com.

About SolarReviews: SolarReviews is America’s leading solar calculator developer and independent website for reviews and comparisons of solar panel installation companies and residential solar panel brands since 2011. They offer consumer and expert reviews, specifications and warranty details, panel prices, and quote comparison tools that streamline the solar installation process and make it easy for homeowners.

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