Bankability in the Residential Solar Industry: A Key to Connecting with Repeat Customers and Tech-Savvy Consumers
By Paul Heidesch – Director of US Channel Sales Trina Solar
No stranger to disruptions, the residential solar sector is once again abuzz with new questions and uncertainties in the wake of tariff announcements and changes to state net-metering programs.
While installers navigate turbulent waters, several indicators point to smoother sailing ahead for the residential solar market. With interest rates anticipated to decline and more projects qualifying for Investment Tax Credit (ITC) adders should help the residential segment bounce back and maintain consistent growth for the next few years.
On the consumer side, a recent survey revealed extremely promising insights on the general homeowners’ satisfaction with going solar, their thoughts on upgrading modules, and their likelihood to recommend a PV installation to friends and family.
Let’s dive into these findings and explore why module bankability will be the new secret weapon for installers selling solar to repeat customers and savvier consumers.
Selling Solar to Repeat Customers and Savvier Consumers
Solar panels are designed to withstand the elements for decades and are also covered with long-term product and performance warranties. However, for some installers, module durability can seem like a double-edged sword: On the one hand, it’s a central selling point for homeowners. On the other hand, this benefit can limit repeat customers for the system’s lifespan, at least 20 to 25 years.
Perhaps that once was the case, but new research paints a different picture. A recent Forbes Home survey of households with solar PV systems found that nearly 90% reported satisfaction with their choice, with 67% considering expanding their existing systems and 65% considering upgrading to newer or more efficient modules. Based on their satisfactory experiences, more than 82% of current PV system owners would recommend a solar panel installation.
As the survey results show, consumer demand remains robust and should continue to grow. However, solar panels are no longer a quaint novelty for environmentally conscious consumers. The rise of smart homes with fully interconnected electronic functionality for lighting, thermostats, appliances, security systems, electric vehicles (EVs), etc., has given homeowners more nuanced insights into their entire energy ecosystem.
These insights have created much savvier solar customers than ten or even five years ago, especially among households with existing PV systems. Many have familiarized themselves with local net-metering programs, federal tax incentives, and module warranties, in addition to better understanding power bins, efficiency levels, and balance of system (BOS) components.
With two-thirds of respondents considering expanding existing PV systems or upgrading modules, coupled with savvier homeowners and consumers, it’s clear homeowners will want high-quality and durable modules with higher efficiency and the guarantee that the modules will stand the test of time.
That’s why now, more than ever, bankability has become a critical differentiator for both installers and homeowners with existing PV systems or those considering one.
US-Made Solar Panels from a Highly Bankable Brand
So, what does bankability mean for solar panels?
Although the term bankability typically gets used in the utility-scale solar sector, it’s becoming a much more critical aspect of the residential solar market, particularly for current PV system owners and savvier customers. At its core, bankability means market confidence in the company based on sound financials, technology roadmaps, certifications, technical evaluations, module quality and reliability, manufacturing factory audits, product support, and installations.
If financiers are willing to invest in the technology because data indicates the quality and long-term durability of the PV module and the manufacturer’s trustworthiness, then it stands to reason that customers and end-users should share that confidence. The same principle applies to customers who recommend solar energy. When current solar PV system owners recommend an installation, they need the confidence to know they’re suggesting to family or friends that they invest in the most reliable modules backed by a bankable manufacturer.
That’s where Trina Solar stands out. Now, installers can offer current PV system owners and savvier potential customers panels with higher efficiency and long-term peace of mind. Trina Solar’s compact 435W Vertex S+ module uses next-generation 210Rmm n-type TOPCon advanced technology, with a maximum efficiency of 22%, only 1% first-year degradation, and an annual 0.4% degradation rate. The advanced TOPCon technology means installers need fewer Vertex S+ panels than PERC-cell panels to achieve a similar power output.
Not only does this translate to BOS savings and more customer value, but it’s all backed by one of the most bankable brands in the PV industry.
Trina has been a Top Performer in the PVEL “Module Reliability” Scorecard for nine consecutive years
Renewable Energy Test Center’s (RETC) 2023 PV Module Index Report has recognized Trina Solar as an Overall Highest Achiever for the past four years
UL Solutions published a bankability study on Trina’s complete Vertex n-type portfolio and reported the modules had outstanding product reliability and lower LCOE for highly recognized bankability
Trina has been named fully bankable for seven consecutive years by 100% of respondents in the annual Bloomberg New Energy Finance (BNEF) Bankability Survey
Trina received the highest ranking, AAA, five times in a row in the quarterly PVTech ModuleTech Bankability Ratings report
The company is bringing its highly bankable module manufacturing processes to the U.S. with a more than 1-million-square-foot PV facility in Wilmer, TX. Scheduled for completion in 2024, the state-of-the-art complex will boast 5GW capacity, support 1,500 local jobs, and soon supply 100% made-in-America PV n-type TOPCon and PERC-cell modules.
Reach out to Trina Solar US to learn more about solar bankability
Sponsored Content by Trina Solar