There are plenty of newcomers to the home battery scene. But the fight is still for second place.
The Tesla Powerwall and LG RESU batteries have been the most popular home batteries paired with solar for the past five years, holding a combined 77% of the market share since 2018, according to a report from energy consulting firm Wood Mackenzie. And while Tesla and LG still combine for most of the 2023 US residential solar storage market, the competition is starting to catch up.
Enphase, another popular solar equipment manufacturer, appears to have caught up with LG in the popularity contest. Other manufacturers are starting to carve out some space in the market for themselves too. SunPower, SolarEdge, Generac and Sonnen have pushed their way to the top seven. And newcomer FranklinWH, a company that’s only been around for a few years, is on its way to join them in the ranks.
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However, Tesla is still the winner by a long shot, holding nearly 50% of the US solar plus storage battery manufacturer market share in 2023.
Who are the big battery installers?
The biggest solar-and-battery installers of 2023 so far are Tesla, Sunrun and SunPower. These three companies combined installed 55.3% of residential solar-plus-storage systems in the US this year so far, according to the report.
“These leaders have invested in storage for years, either in their own products or through relationships with vendors,” Max Issokson, a research analyst at Wood Mackenzie, said in a statement. “But we have also seen smaller installers build expertise in installing and selling storage. As favorable solar-plus-storage policies grow, there’s much potential for regional installers to develop storage expertise and gain market share.”
In the third quarter of this year, just 11% of US residential solar installs were paired with storage.
Tesla and LG products remain the batteries most commonly found at residential solar installations, but their dominance is waning. In 2018, Tesla and LG products were installed on 96% of residential solar-plus-storage systems in the US. In the third quarter of 2023, Tesla and LG products were included in 65% of solar-plus-storage installations. This shows just how much the market has begun to diversify in just the past five years.
How to shop for a home battery
Even though the Tesla Powerwall is the most common battery on the market, it’s not your only option. The best battery for your home is one that meets your energy needs. Things like energy storage capacity, power output, efficiency and a good warranty are just a few things to look for when finding the right battery.
Shop around and get multiple quotes from installers in your area. Getting at least three quotes could save you thousands of dollars. Most installers will also visit your property for a consultation to get an idea of what your household’s energy needs are so that they can help you find the right battery for your home. Many installers are certified to handle multiple battery brands. Take a look at their offerings and compare several batteries before making a decision.
Remember, this is a large investment that’s going to be integrated into your home’s electrical system, so you want to make sure you’re comfortable with your decision.
Source: CNET
