There are many newcomers to the home battery scene. But the fight is still for second place.
Tesla Powerwall and LG RESU batteries have been the most popular home batteries combined with solar power for the past five years, holding a combined 77% market share since 2018, according to a report from energy consultancy firm Wood Mackenzie. And while Tesla and LG will still combine for the majority of the U.S. residential solar storage market in 2023, competition is starting to catch up.
Enphase, another popular solar equipment manufacturer, appears to have caught up to LG in the popularity contest. Other manufacturers are also starting to gain space in the market. SunPower, SolarEdge, Generac and Sonnen made their way into the top seven. And newcomer FranklinWH, a company that's only been around for a few years, is on track to join them.
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However, Tesla is still the winner by far, holding nearly 50% of the market share of US solar and storage battery makers in 2023.
Who are the big battery installers?
The biggest solar and battery installers of 2023 so far are Tesla, Sunrun and SunPower. Combined, these three companies have installed 55.3% of residential solar and storage systems in the U.S. this year so far, according to the report.
“These leaders have invested in warehousing for years, whether in their own products or through supplier relationships,” Max Issokson, research analyst at Wood Mackenzie, said in a statement. “But we’ve also seen small installers gain experience installing and selling storage. As favorable solar-plus-storage policies grow, there is a lot of potential for regional installers to develop storage expertise and gain market share.”
In the third quarter of this year, only 11% of U.S. residential solar installations were combined with storage.
Tesla and LG products continue to be the batteries most frequently found in residential solar installations, but their dominance is waning. In 2018, Tesla and LG products were installed in 96% of residential solar and storage systems in the US. In Q3 2023, Tesla and LG products were included in 65% of solar plus storage installations. This shows how much the market has started to diversify in just the last five years.
How to buy a home battery
While the Tesla Powerwall is the most common battery on the market, it's not your only option. The best battery for your home is the one that meets your energy needs. Things like energy storage capacity, power, efficiency, and a good warranty are just a few things to look for when finding the right battery.
Search and get multiple quotes from installers in your area. Getting at least three quotes can save you thousands of dollars. Most installers will also visit your property for a consultation to get an idea of what your home's energy needs are so they can help you find the right battery for your home. Many installers are certified to handle multiple brands of batteries. Take a look at their offers and compare several batteries before making a decision.
Remember, this is a big investment that will be integrated into your home's electrical system, so you want to make sure you are comfortable with your decision.