Published on July 6th, 2014 | by Adam Johnston18
SolarCity, Vivint Solar Top US Solar Residential Installers In Q1 2014
July 6th, 2014 by Adam Johnston
SolarCity and Vivint Solar were the top US 2014 Q1 solar residential installers, according to a recent report. GTM Research’s most recent survey of leading solar PV residential installations found some other interesting results as well.
SolarCity and Vivint Solar continued their domination of the market, totaling 38%. SolarCity had 29%, beating out its 2013 overall share of 27%. However, it was off the mark from its Q3 2013 results of 33%. Vivint had a 9% share in 2014 Q1.
Completing the top five were: Sungevity, Verengo, and Solar Universe.
The most compelling point from this survey was the ongoing consolidation within the market. The top ten installers control more than half of the residential market at 51.8%. Meanwhile, in 2010, the top ten companies only performed 29.7% of US residential installations. That’s an increase of 22.1% in four years. You can see in the chart above that the top five installers also rose to a record high share of the market.
GTM Research solar analyst Nicole Litvak said the consolidation has been “primarily due to the leading installers growing organically,” despite lots of acquisitions during the year.
“Most of the growth in the residential market can be attributed to the top installers, which have not only effective sales strategies, but also huge referral potential from a large base of existing customers,” Rivak said.
Within the past twelve months, the solar PV residential market has advanced 38% on a year-over-year basis .
Litvak also said that Sungevity, Solar Universe, and NRG Home Solar (outside of the big two) saw their year-over-year growth climb considerably.
It’s been a positive run for the US home solar installation market. Last month, we reported that residential installation capacity outpaced commercial installation capacity for the first time in Q1 2014, 232 MW to 225 MW. GTM forecasts more than 1 GW of residential forecasts this year, thanks to more financing options.
Add the recent purchase of solar panel manufacturer Silevo by SolarCity and the home installation market will continue to see ongoing changes and consolidation.
Three things are for certain: change, consolidation, and innovation will be themes of the day in the solar PV residential market.
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