The global Solar Lease Service Market is estimated to be valued at US$ 14.84 Bn in 2023 and is expected to exhibit a CAGR of 18.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Solar lease services provide ownership and installation of solar panels without any upfront costs to homeowners or businesses. Customers benefit from lower electricity bills through solar generation while the solar panel owners receive state and federal incentives as well as regular lease payments from customers.
Market key trends:
One of the major trends driving the growth of the solar lease service market is the increasing focus on renewable energy sources as a measure to reduce carbon emissions and tackle the climate crisis. While the initial costs of setting up solar panels can be high, lease options have made residential solar power more accessible across regions. This is encouraging more people to opt for solar energy and boosting the demand for solar leases.
Segment Analysis
The global solar lease service market is segmented on the basis of ownership and end-user. Based on ownership, the market is segmented into individual/residential and corporate. The individual/residential segment is dominating currently due to the rising trend of adoption of solar panels by homeowners owing to lower long-term costs as compared to traditional power sources.
Key Takeaways
The global solar lease service market is expected to witness high growth, exhibiting a CAGR of 18% over the forecast period, due to increasing concerns towards environment safety and adoption of clean energy sources.
Regional analysis
Regionally, North America dominates the global solar lease service market and is expected to remain the highest revenue generating region during the forecast period. This is attributed to presence of major solar lease service providers and supportive government policies in the US and Canada for adoption of solar energy. Asia Pacific is expected to be the fastest growing region, owing to rapid industrialization and urbanization in major economies like China and India.
Key players
Key players operating in the solar lease service market are SunPower Corporation, SolarCity Corporation, SunRun Inc., Vivint Solar Inc., Tesla Inc., JinkoSolar Holding Co. Ltd., Canadian Solar Inc., Yingli Green Energy Holding Co. Ltd., Trina Solar Limited, JA Solar Holdings Co. Ltd., Hanwha Q CELLS Co. Ltd., LONGi Solar, Risen Energy Co. Ltd., GCL-SI, Talesun, FIRST SOLAR, Lerri Solar, Kodiak Solar, Palmetto Clean Technology, Freedom Forever. SunPower Corporation is currently the market leader in the solar lease service market owing to its diversified service portfolio and strong presence across various regions globally.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it