Enact Solar publishes the latest study on the recent PG&E rate hike and market pricing for solar/storage hardware, revealing an improved Return on Investment (ROI) for Californian solar customers.
As published in:
PLEASANTON, Calif., Feb. 20, 2024 — California Residential Solar Customers buying on the NEM 3.0 scheme in PG&E are now able to achieve a return on investment (ROI) of 4.8 years in 2024, according to research from award-winning intelligent solar platform, Enact Solar.
Similarly, solar-plus-storage customers can now achieve ROI of 5.5 year versus 7.6 years for customers who signed on in 2023. This is based on an 8kW solar system, with 100% energy offset, priced at $2.90/W, with a storage add-on priced at $13,000 for a 10kWh battery, fully installed.
This revelation comes at a time where over 2 million people are behind in utility bills by an average of $744, millions of PG&E customers are expected to pay around $400 more in utility bills from 2024, and there has been an increase in PGE prices again in January 24 and decrease in panels, inverters and battery costs from Q4 in 2023.
As we enter into 2024, the climate for many energy companies is expected to be tough, particularly due to the second PG&E hike in Q2. Enact’s integrated consumer app offers transparency and choice, accurate design and savings tracking for homeowners and installers alike. The app measures solar-plus-storage savings daily, monthly and annually, further reducing the friction for customers and improves trust in outcomes.
Delivering savings and a return on investment on solar-plus-storage requires significant effort, given the complexity of rates, dozens of different storage brand options, and varying customer load-patterns. The Enact platform alleviates this burden for customers, primarily through its feature that prepares sales proposals with solar-plus-storage in five minutes or less.
Deep Chakraborty, CEO and Co-Founder at Enact Solar says, “At Enact, we’ve witnessed many customers struggle with the increasing complexity and ad-hoc regulatory changes within the energy market in California. Despite the NEM 3.0 scheme reducing the benefits of going solar in California, our latest study finds that homeowners still stand to benefit from investing in solar-plus-storage systems and unlocking the potential of low-cost energy in 2024 and beyond. Moreover, our innovative app works to integrate and simplify solar sales proposals, thus boosting ROI levels for our residential solar customers in California.”
More information on full benefits of solar investment can be found here. For more data on ROI and payback for PG&E customers, please see attached image grid. Enact also hosts regular webinars and has a design team on standby to run proposals-as-a-service, for new clients.