California-based commercial and residential solar installer Stellar Solar is now offering residential solar at the record low price of $2.99 per watt.
In a press announcement, the company stated, “This historic pricing combined with 2.49% financing and 30-day installation will enable more homeowners than ever to afford solar, have it installed quickly, and drastically reduce their return on investment.”
Stellar Solar officials view this record price point as a first move of several which will cut the cost of going solar by up to 30% and enable more homeowners to cleanly power their homes by the sun.
Stellar Solar’s Kent Harle provided this perspective about the price reduction:
“This is not a loss leader or some scam to lure people in – such as the fictitious rebates or cash-back offers that are so prevalent in our industry. This is our new way of doing business.”
He stated his company has focused on streamlining its processes and product offerings which now give it the ability to lower prices.
“Our new model will allow us to maintain our fast growth, gain market share, and increase profits through volume. For the solar industry to thrive we need to expand beyond the early adaptors – only a small percentage of San Diego (company location) homeowners have installed solar. To do so, we need to continue to drive down costs while increasing the reliability and the professionalism of our installations.”
He added a reference to Henry Ford, who drove the retail price of the Model T down to $389 in a time when most automobiles cost, on average, more than $1,000. The net result? Ford garnered a nearly 50% market share against other US car manufacturers.
“The solar industry is in a similar scenario,” said Harle. “We grew nearly 100% last year but realized that to continue that growth we need solar to be within reach of a higher percentage of homeowners.”
We love reporting on such pricing drops. Competitive pricing will further drive the battle for clean electricity.
Image via Stellar Solar