Return on Investment for California Residential Solar Customers: Enact Solar Research

By Editor


Enact Solar, an intelligent solar platform, has unveiled findings indicating residential solar customers enrolled in the NEM 3.0 scheme within PG&E’s service area can achieve a remarkable return on investment (ROI) of 4.8 years in 2024.

This revelation underscores a notable enhancement in ROI compared to previous years, indicative of an increasingly favorable landscape for solar adoption in California.

Enact Solar’s research highlights a significant reduction in payback periods for solar-plus-storage customers. In 2024, these customers can anticipate an ROI of 5.5 years, a marked improvement from the 7.6-year payback period observed for customers who availed themselves of solar-plus-storage solutions in 2023. These figures are based on an 8kW solar system with 100 percent energy offset, priced at $2.90 per watt, coupled with a storage add-on priced at $13,000 for a 10kWh battery, inclusive of installation costs.

The timing of this revelation is particularly salient, coinciding with a confluence of factors impacting utility bills for Californians. With over 2 million individuals grappling with overdue utility bills averaging $744, and millions of PG&E customers slated to face an approximate $400 surge in utility expenses from 2024 onwards, the significance of cost-effective renewable energy solutions is underscored. Notably, the rise in PG&E prices in January 2024, juxtaposed with the decline in costs associated with solar panels, inverters, and batteries from Q4 2023, further amplifies the appeal of solar investments.

As the energy landscape braces for challenges in 2024, characterized by the second PG&E rate hike anticipated in Q2, Enact Solar’s integrated consumer app emerges as a beacon of transparency and empowerment for homeowners and installers alike. By providing comprehensive insights into design accuracy, savings tracking, and real-time monitoring of solar-plus-storage solutions, the app cultivates trust and streamlines decision-making processes for customers.

Achieving tangible savings and expedited ROI in the realm of solar-plus-storage necessitates concerted efforts, given the intricate interplay of rate structures, myriad storage options, and diverse customer load patterns. Enact Solar’s innovative platform effectively navigates these complexities, enabling swift generation of sales proposals tailored to solar-plus-storage solutions in five minutes or less.

Deep Chakraborty, CEO and Co-Founder of Enact Solar, said despite the NEM 3.0 scheme’s adjustments tempering the benefits of solar adoption, homeowners continue to reap substantial rewards from investing in solar-plus-storage systems.

Deep Chakraborty has emphasized the transformative role played by Enact’s app in simplifying solar sales proposals, thereby amplifying ROI levels and fostering a more accessible pathway to low-cost, sustainable energy for residential customers across California.

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