CALGARY, Alberta (Sept. 10, 2024) — Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, has released an updated view of its U.S. Residential Solar and Storage Forecast and the impact on power demand until 2050. By forecasting solar savings and hourly impacts on load, EIR can assess the key regions that are poised for significant grid offset through behind the meter solar generation.
“There is a link between the rise in intermittent renewable adoption and higher retail power prices across the Lower 48 states,” said Kevin Kang, analyst at EIR. “As residential solar and storage costs continue to decline, coupled with anticipated increases in retail power prices due to state renewable targets, the economic appeal of residential solar and storage continues to grow.”
“Our forecast suggests significant changes in power demand for CAISO, ERCOT, SE and NYISO, with evening peaks shifting later as storage systems become active after solar production hours. We also anticipate increased investment in both utility-scale and residential storage solutions to address the impact of growing residential solar adoption,” Kang said.
Key takeaways from the report:
- EIR expects residential solar installations to reach 47% of households in the U.S. by 2050 (up from 41% six months ago).
- Based on EIR’s updated U.S. Residential Solar and Storage Forecast, widespread adoption is anticipated in states like Texas, California, Florida and New York. This trend is driven by rising retail power prices, which enhance the savings potential for customers as intermittent renewable generation becomes more prevalent.
- EIR expects most households to install solar paired with storage by 2032, except in California and Arizona, where the early adoption of a net billing tariff is expected to accelerate storage adoption starting in 2026.
- As the economics of residential solar and storage systems become more appealing, power markets will experience greater volatility, driving an urgent need for increased investment in storage solutions.
EIR’s analysis pulls from a variety of Enverus products including Enverus Intelligence® Research and Enverus FOUNDATIONS®.
Kevin Kang and Juan Arteaga of EIR will be presenting these findings at RE+, one of North America’s largest clean energy industry events, Sept. 10, 2024. Their market outlook presentation begins at 1 p.m. PDT and will be held at the Storage Central Theater, #50095, Hall B of the Anaheim Convention Center & Campus.
Enverus’ exhibit location at RE+ is A57073. View the RE+ Conference floor map here.
Additional Resources:
- Beyond the horizon: US solar and storage solutions are on the rise (March 28, 2024)
- Power and energy transition M&A soars to $79 billion in 1H24 (Sept. 3, 2024)
- Enverus reveals Texas’ renewable energy hot shots (Sept. 4, 2024)
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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, energy-dedicated SaaS company, with a platform built to create value from generative AI, offering real-time access to analytics, insights and benchmark cost and revenue data sourced from our partnerships to 95% of U.S. energy producers, and more than 40,000 suppliers. Learn more at Enverus.com.
Media Contact: Jon Haubert | 303.396.5996
