Solar Market Faces Challenges from NEM 3.0 and Interest Rates, Yet Long-Term Outlook Remains Positive

Ethan Miller, a veteran of the residential solar market segment, discusses the past year which saw a surge in installation and a slowdown due to the introduction of NEM 3.0 and increased interest rates. Miller also discusses the changing value proposition of solar across the country, which is requiring adaptation throughout the entire value chain. Despite this, Miller sees a long-term positive outlook for the industry with the Inflation Reduction Act providing strong tailwinds. He also notes that California’s NEM has an outsized impact on the national market, pushing installations towards being 80% completed with storage attached, a move up from sub-20%, historically, in California. Miller’s company Powur has also seen success in building up the Californian pipeline and continues to see success in other markets where there have been no major changes to net metering.