The photo voltaic trade is bracing for a turbulent 12 months, and SolarReviews’ newly launched 2025 Photo voltaic Business Survey lays out precisely why. The survey, now in its third 12 months, gathered insights from photo voltaic corporations throughout the trade between December 2, 2024, and January 3, 2025, protecting every thing from the Inflation Discount Act to workforce improvement and the state of the availability 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 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 corporations flagged the potential of new tariffs as a serious concern, whereas 50% are anxious 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 greatest 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 mentioned their outlook for 2025 turned extra destructive resulting from election outcomes, whereas practically half (48%) reported no change. Solely 18% mentioned they felt extra optimistic about their enterprise prospects after the elections.
Regardless of these worries, most photo voltaic corporations stay resilient. Simply 7% of respondents mentioned they have been involved about staying in enterprise over the following six months, whereas 38% count on to see their enterprise develop this 12 months.
One vivid spot is the availability chain. Over the previous two years, provide chain disruptions have steadily improved, with 43% of companies reporting that situations have been higher in 2024 in comparison with 2023. That’s a slight dip from the earlier 12 months when 69% of corporations noticed an enchancment, however nonetheless a optimistic signal. Solely 11% mentioned provide chain points worsened year-over-year.
Residential photo voltaic installers proceed to evolve, increasing their companies past photo voltaic panels. The overwhelming majority (92%) of installers now provide vitality storage set up, up from 74% final 12 months. Equally, 86% of corporations 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 cupboard space.
Nevertheless, one of many greatest challenges in 2024 was the wave of photo voltaic firm closures. A staggering 81% of installers reported that no less than one giant competitor of their service space shut down. Greater than 57% mentioned these closures led to destructive 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 provide third-party guarantee protection as a strategy to enhance buyer confidence and safe extra gross sales.
Finally, US photo voltaic continues to be anticipated to proceed its progress trajectory and preserve its prime management amongst vitality sources.
Learn extra: Renewables generated 24.2% of US electrical energy in 2024 – EIA information
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