2024 hasn’t been a good year for US Solar Installers. Sunworks Inc., along with three of its subsidiaries, terminated their operation and filed for bankruptcy in February. The company was in business for over 20 years, installed over 27,405 solar installations, and added over 224 MW of distributed solar energy to the grid nationwide. The company operated in many of the largest markets for rooftop solar, including California, Texas, the Southwest, the Carolinas, Florida, and the Northeast.
Then Titan Solar Power, one of the largest residential companies in US, abruptly closed its doors in June and filed for bankruptcy. Founded in 2013, with tens of thousands of residential solar installations across 16 states, Titan was a significant player in the solar industry.
Just a few weeks ago in August, SunPower, another pioneer in solar field, filed for bankruptcy. In the two decades since SunPower went public, the company’s various solar installations generated approximately 173 TWh of electricity.
Why has the residential solar industry in the United States been struggling? Higher interest rates, policy shifts (NEM 3.0) and regulatory changes contributed to unappealing financial of installations for customers, demand cratered, and excess inventory.
However; there is this school of thought that it might be a positive turning point in solar industry. Regulations are being modified to protect customers. Solar companies allow to vet sales partners, prevent poor practice of unregistered salespeople, identify individuals with a history of consumer protection violations via newly created Recheck. Companies with poor business plans and systems that don’t pivot will fail. At the same time there are many successful solar companies growing.
References:
- US solar installer Sunworks makes bankruptcy filing
- US publicly traded solar installer Sunworks files for bankruptcy
- Titan Solar power closure: from billion-dollar success to bankruptcy
- Why Titan Solar and other major bankruptcies are not the death of residential solar
- SunPower files for bankruptcy, plans to sell or wind down remaining operations
- SunPower goes bankrupt
- SunPower a solar icon once valued in the billions, files for bankruptcy
- The complete list of solar bankruptcies and business closure
- US residential solar down 20% in 2024
- What is Nem3.0 and how will it impact California solar owners in 2024?
- Announcing Recheck
- What’s ahead for clean energy?