Since 2013, Belvedere has collected solar system data for about 2,700 non-residential solar projects for which we have quoted financing. In 2019 alone, we quoted over $309 million in solar financing for 96 solar installers.
Here are some highlights
- Median system price per watt for all system types was $2.71—down 1.5% from 2018.
- There continues to be enormous variability in system pricing. The difference between high and low price per watt was at least $2 for all system types.
- Median electricity cost savings as a percent of system price increased slightly in spite of solar-unfriendly tariff changes. Savings are substantially better in PG&E and SDG&E service areas than in SCE territory.
- Over 80% of prospects requested that we quote a lease or both lease and debt financing. Since a lease is suitable for companies that don’t have a high enough tax bill to use the energy credit, this suggests that most customers are not confident they can use the solar tax benefits. Presenting a cash purchase may overstate the value of the project.
- The proportion of non-profit or government projects quoted dropped from 21% to 17%.vNevertheless, PPA isn’t the only answer for these prospects. Belvedere’s solar analysis model can show you the difference.
The full, 24-page report breaks down the data by system parameters, financing structures and activity by utility. Contact us for a copy of the report.