News Release

Beyond the horizon: US solar and storage solutions are on the rise

41% adoption rate predicted in surge of rooftop solar installations

byEnverus

CALGARY, Alberta (March 28, 2024) — Enverus Intelligence Research (EIR), a subsidiary of Enverus, the leading generative AI and energy-dedicated SaaS company, has released a report that quantifies annual cost savings of rooftop solar and forecasts residential demand. The report looks at the historical correlation between available cost savings and annual installs, while considering the impacts of incentives, retail power prices, solar panel and storage system costs, interest rates, and the implementation of the net metering tariff.

“The U.S. is expected to witness a substantial surge in rooftop solar installations, with an anticipated 616 gigawatts installed by 2050, representing a 41% adoption rate among eligible households. Texas leads this expansion with over 75 gigawatts of capacity by 2050, followed closely by California, New York and Florida,” said Kevin Kang, senior associate at Enverus.

“As interest rates stabilize and solar panel costs decrease by a projected 29% from the current year to 2030, the period between 2025 and 2029 holds significant economic potential for the residential solar market,” Kang said.

“States expected to implement a net metering tariff before 2030, such as California, Arizona, Massachusetts, Colorado and Rhode Island, are forecasted to experience the greatest impact on new installations.

“In addition, storage solutions paired with new residential solar installs are expected to become economically feasible in 2033, with 29 out of the 48 states showing more savings. Notably, California, Arizona and Massachusetts are poised to reap the highest savings due to their early implementation of a net metering tariff.”

Key takeaways:

  • EIR anticipates 616 gigawatts of installed rooftop solar in the U.S. by 2050, or 41% adoption across households that have the potential to install it.
  • Texas leads the robust expansion of residential solar installations, boasting more than 75 gigawatts of capacity by 2050. Next is California with more than 69 gigawatts, followed by New York and Florida at 46 gigawatts and 41 gigawatts.
  • EIR expects an increase in the number of residential solar customers in the coming years as interest rates stabilize. The period 2025-2029 holds significant economic potential, especially with a projected 29% decrease in solar panel costs from the current year to 2030.
  • States expected to implement a net metering tariff before 2030 (California, Arizona, Massachusetts, Colorado and Rhode Island) are forecast to have the greatest impact on new installs. States such as Texas, North Carolina, Missouri and Indiana are experiencing a smaller impact because of increases in solar prices and a decrease in solar panel costs.
  • Storage solutions paired with new residential solar installs become economically feasible in 2033, with 29 out of the 48 states showing more savings. The highest savings will be in California, Arizona and Massachusetts due to an early implementation of a net metering tariff.

EIR’s analysis pulls from a variety of Enverus products including Enverus Foundations® Power & Renewables.

You must be an Enverus Intelligence® subscriber to access this report.

About Enverus Intelligence Research
Enverus Intelligence ® | Research, Inc. (EIR) is a subsidiary of Enverus that publishes energy-sector research focused on the oil, natural gas, power and renewable industries. EIR publishes reports including asset and company valuations, resource assessments, technical evaluations and macro-economic forecasts; and helps make intelligent connections for energy industry participants, service companies and capital providers worldwide. EIR is registered with the U.S. Securities and Exchange Commission as a foreign investment adviser. Enverus is the most trusted, generative AI and energy-dedicated SaaS platform, offering real-time access to analytics, insights and benchmark cost and revenue data sourced from our partnerships to 98% of U.S. energy producers, and more than 35,000 suppliers. Learn more at Enverus.com.

Media Contact: Jon Haubert | 303.396.5996

View all press releases at Enverus.com/newsroom.

Enverus

Enverus

Energy’s most trusted SaaS platform — creating intelligent connections that uncover insights and opportunities to deliver extraordinary outcomes.

Related News

Enverus Media Advisory-Press Release - EIR’s Andy McConn testifies before Congress on navigating Gulf of Mexico’s offshore challenges
News Release
ByEnverus

Enverus, the leading generative AI and energy-dedicated SaaS company, announced today that Andy McConn, director and head of Commercial Intelligence at Enverus Intelligence Research (EIR), will testify before the U.S. House of Representatives Natural Resources Subcommittee on Energy and Mineral...

Enverus News Release - Defying peak oil predictions
News Release
ByEnverus

Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted generative AI and energy-dedicated SaaS company, has released a new report highlighting the organization’s view that it does not expect global oil demand to peak or plateau by the...

Enverus Media Advisory - Welcome to Enverus EVOLVE: The pivotal event for energy professionals, thought leaders and experts
News Release
ByEnverus

Enverus, the leading generative AI and energy-dedicated SaaS company, is inviting members of the media to EVOLVE 2024, a conference focused on the evolution of the energy industry and what to expect in 2024 and beyond. EVOLVE 2024 will be...

Enverus Press Release - Blue hydrogen: Greening the bottom line
News Release
ByEnverus

Enverus Intelligence Research (EIR), a subsidiary of Enverus, the leading generative AI and energy-dedicated SaaS company, is releasing its inaugural Hydrogen Fundamentals report that evaluates the U.S. clean hydrogen opportunity at national and regional levels.

Enverus Press Release - CO2 pipeline economics: The missing link
News Release
ByEnverus

Enverus Intelligence Research (EIR), a subsidiary of Enverus, the leading generative AI and energy-dedicated SaaS company, has developed a CO2 Pipeline Economic Model that can be used to analyze transportation economics in the carbon, capture, usage and storage (CCUS) value...

Enverus Press Release: Beyond the horizon: US solar and storage solutions are on the rise
News Release
ByEnverus

Enverus Intelligence Research (EIR), a subsidiary of Enverus, the leading generative AI and energy-dedicated SaaS company, has released a report that quantifies annual cost savings of rooftop solar and forecasts residential demand.

Enverus press release - Renewing Alberta’s path for renewables
News Release
ByEnverus

Enverus Intelligence Research (EIR), a subsidiary of Enverus, the leading generative AI and energy-dedicated SaaS company, is shedding light on the impact of ending a Feb. 28 moratorium by Alberta Premier Danielle Smith that also included a host of new...

Enverus Press Release - Unearthing the potential beneath deepwater fracturing
News Release
ByEnverus

Enverus Intelligence Research (EIR), a subsidiary of Enverus, the leading generative AI and energy-dedicated SaaS company, has released a report that assesses fracturing parameters and recovery enhancement within the Gulf of Mexico’s (GOM) Lower Tertiary play and analyzes project economics. 

Enverus Press Release - Midwest transportation failure strands highly anticipated CCUS opportunities
News Release
ByEnverus

Enverus Intelligence Research (EIR), a subsidiary of Enverus, the leading energy-dedicated SaaS company, has released a report examining emissions from Midwest ethanol facilities left without a connection to carbon capture, utilization and storage (CCUS) projects after Navigator CO2’s Heartland Greenway...

Find Out How Enverus Can Help Your Business

Subscribe to the Energy Blog

A weekly update on the latest “no-fluff” insight and analysis of the energy industry.

Let’s get started!

We’ll follow up right away to show you a quick product tour.

Let’s get started!

We’ll follow up right away to show you a quick product tour.

Get Started

Register Today

Sign Up

Power Your Insights

Connect with an Expert

Access Product Tour

Speak to an Expert