California was particularly hard hit due to new net metering rules under NEM 3.0 that radically reduced system economics. These adverse state policy impacts exacerbated financing shifts, triggering plummeting demand and an 80% decrease in rooftop solar installation volume.

However, due to increased production, government subsidies, and mounting environmental concerns, the direct costs of solar and wind energy for consumers have decreased. In fact, some markets generate renewable energy more cheaply for consumers than fossil fuels.

A home solar energy system is one of the most popular and efficient alternatives to traditional power sources. Solar panels have many environmental benefits and can save homeowners money over the long term. While costs have decreased over the past years, installing and maintaining solar panels can still be expensive.

Among the report's key insights: Solar energy sources are now the lowest-cost providers. The installation cost of solar electricity—which constituted 4.8% of all electricity generated in the US in 2022—has fallen dramatically over the last decade.