Who are still the top dogs in solar
If you saw my last article, Oh how the solar industry has changed, I talked about the change in the industry and how it's always moving. So after all of that, who are still at the top? Which companies now dominate the market and reign supreme over everyone else. There are 3 which is quickly dwindling down to 2. But for the heck of it, let's stick with 3.
#3 SolarCity
What, SCTY isn't at the top anymore? Well, stats wise they still are but they are falling fast. While being purchased by their cousin Elon Musk, the have downsized fast. Soon to be Tesla Power, they are trying to cut costs and become profitable. To do so they needed to let go of certain departments and downsize whatever is left.
I see Elon wanting SCTY to be much smaller than his cousin Lyndon imagined. They grew too big too fast. They couldn't keep up with customer service which is what they prided themselves on. Their installs were getting pushed back and they were losing $400m per year. That's a lot.
They got rid of their direct sales team recently. Those were the door to door knockers. They cut some VPs, Director and RSM positions while making the teams smaller as well. They are being a lot more picky on homes they will approve. Any deal that has potential of being negative cash flow, they will disqualify. That makes it hard on the sales team. There can be MPU ( Main Panel Upgrades ), reroof which is sometimes only paper, D-CARE customer, old meter etc. If there is enough margin in the deal they will work with customer to get them installed. No margin, bye bye customer.
With Lyndon Rive stepping down and leaving the company in June for a new adventure, that leaves Elon in full control to do as he sees fit. It'll be interesting to see how everything goes.
#2 Sunrun
Sunrun is doing well and looking to expand more. They too have gone through a restructure to maximize profits. Seems to be a theme in the industry, who would have thought. They have a great partnership with Costco which allows reps to stand in store and approach customers and try to set up an appointment. Many perks to the customer for doing so.
They offer multiple finance options but seem to be on the higher side of pricing. They claim to be the best overall package for a customer. That's what justifies the price. In my opinion, that's not true. Going through Costco, yes. Meeting a Sunrun rep on the streets, no. They are using the same panels and inverters as everyone else. Nothing proprietary to them that significantly separates them from the rest of the pack.
So why are they so expensive? To try and make money of coarse. Their cost per install is more than SCTY. Their stock has always struggled around the $5/share range. There is nothing mind blowing about them. Don't get me wrong, I have nothin against Sunrun. I just don't believe they are the hotshots they claim to be.
Another source of their revenue is small companies will use Sunrun contract and money to work a deal. These a subs. You will see a ton of small companies that are Sun Solar partnered with Sunrun.... So Sunrun has it's own sales team while adding an army of smaller companies as well. That's always good.
Sunrun is below SCTY in value but above them for longevity. Who knows what Elon is going to do. Sunrun has a set path and is working towards it. I believe they will be around longer and be larger. But....
#1 is Vivint Solar
I firmly believe they are the best option when going solar if you're looking at large companies. They do offer products that none of the others can. They can give full smart home upgrades while lowering your energy bill with solar. They started and use their Vivint Alarm brand to assist them in solar. It would be stupid not too.
What I love about Vivint over other companies is they can do more with your home than just solar. You want a Nest Thermostat, go through them. You want doorbell with camera, go through them. Entire home alarm system.... you're getting it. Cool thing is when you sign up for solar, they give you a Nest or Vivint Thermostat for your home and install it within a week. There are some other cool toys they throw in for free as well. If you want to upgrade what they give you, then that will cost you but with the money you'll be saving with solar, it pays for itself.
Their pricing is very competitive with their finance options. A lot of companies are pushing loan to all their customers. I believe that owning the system is the best option. But be honest, not everyone wants to own or even can own. There are tax benefits that go along with owning that not everyone will qualify for. What I like about Vivint is they still want to sell PPAs. That's the program where you don't own the panels but you buy power from what they produce.
Want to move? Vivint is the only company I know of that will move your solar system to your new home absolutely free. SCTY charges $1,000 to do so, don't know for sure about Sunrun. Why would you want to take it? I don't know, everyone has their reasoning. Now we are getting off topic....
Do your research. Find out which company is best for you. These top 3 are just my opinion. You're opinion is the only one that matters. Go with what fits you. Just make sure you do search on all companies you look at outside of what the sales rep is saying. It's their job to bash other companies while making theirs sound amazing. It's not their fault.
Feel free to reach out to me with any questions you may have. Thanks for reading!