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Are Solar Panels Worth It? What You need to Know to Decide
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Sebastian Sovero : Jul 2, 2024 4:52:08 PM
Over the last ten years, solar power has grown rapidly because costs went down and helpful policies made it easier to adopt. However, 2023 has been a tough year for the solar industry. High interest rates, harder-to-get financing, and new policies in some states have caused over 100 solar companies to go bankrupt. This is the most we've seen in almost 20 years in the business.
California has been hit the hardest. New rules called NEM 3.0 have made solar power less profitable there. Because of these rules and harder financing, demand for rooftop solar has dropped by 80%. Strong companies are hanging on, but many homeowners and solar workers are facing a lot of uncertainty. The collapse of these companies shows how changes in incentives can have big, unintended effects.
Why Solar Companies Go Out of Business
Several factors have led to solar company closures:
Steps to Take If Your Solar Installer Goes Out of Business
If your solar company has gone out of business, here are some steps to take:
The Solar Cowboy’s Power Protection Plan
The Solar Cowboys offers an extended service plan that can help with monitoring and service if your original installer is no longer around. This agreement can be a safety net, providing peace of mind and ensuring system upkeep.
How We Can Help
Here at The Solar Cowboys, we understand how worrying it can be if your solar installer goes out of business. We are here to help you:
Looking Forward
Despite these challenges, the solar industry remains strong and has a bright future:
While the closure of many solar companies in 2023 is challenging, the solar industry remains strong and promising. Homeowners affected by these closures have options for support, and the future of solar energy looks bright. The Solar Cowboys are here to support you through these tough times and ensure your solar power needs are met.
Major Solar Companies That Went Out of Business in 2023 & 2024
Here are some of the major solar companies that have gone out of business:
Texas Company Closures:
California Company Closures:
Other States:
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