The photo voltaic trade is bracing for a turbulent 12 months, and SolarReviews’ newly launched 2025 Photo voltaic Trade Survey lays out precisely why. The survey, now in its third 12 months, gathered insights from photo voltaic firms throughout the trade between December 2, 2024, and January 3, 2025, protecting the whole lot from the Inflation Discount Act to workforce growth and the state of the provision chain.
Ben Zientara, trade and coverage analyst at SolarReviews, summed up the findings: “With pandemic-related provide chain points largely within the rearview mirror, the trade is now overwhelmingly involved about political uncertainty and the potential for brand spanking new tariffs and adjustments to photo voltaic incentives.”
The most important takeaway – the photo voltaic trade is on edge about what’s coming in 2025. Greater than half (56%) of firms flagged the potential of new tariffs as a significant concern, whereas 50% are apprehensive about adjustments to photo voltaic incentives. Legislative and political uncertainty isn’t serving to both, with 46% of respondents citing it as certainly one of their largest fears. Contemplating that Trump’s declaration of a nationwide vitality emergency excluded photo voltaic from its definition of vitality assets, that’s unsurprising.
The result of the 2024 US elections has additionally influenced enterprise confidence. A 3rd (34%) of respondents stated their outlook for 2025 turned extra damaging 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 firms stay resilient. Simply 7% of respondents stated they had been involved about staying in enterprise over the subsequent six months, whereas 38% anticipate to see their enterprise develop this 12 months.
One brilliant spot is the provision chain. Over the previous two years, provide chain disruptions have steadily improved, with 43% of companies reporting that situations had been higher in 2024 in comparison with 2023. That’s a slight dip from the earlier 12 months when 69% of firms 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 12 months. Equally, 86% of firms are putting in EV chargers, up from 64% within the earlier 12 months.
Installers named Qcells, REC, and Silfab as their go-to photo voltaic module manufacturers, whereas Enphase, Tesla, and SolarEdge dominated the vitality space for storing.
Nonetheless, one of many largest challenges in 2024 was the wave of photo voltaic firm closures. A staggering 81% of installers reported that at the very least one giant competitor of their service space shut down. Greater than 57% stated these closures led to damaging 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 approach to increase buyer confidence and safe extra gross sales.
In the end, US photo voltaic remains to be anticipated to proceed its development trajectory and keep its prime management amongst vitality sources.
Learn extra: Renewables generated 24.2% of US electrical energy in 2024 – EIA knowledge
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