How Residential Solar Installers Can Leverage Growing EV Sales into New Business Opportunities

1. https://www.trinasolar.com/us/resources/blog/trina-2022-in-reviewhttps://www.trinasolar.com/us/resources/blog/trina-2022-in-review How Residential Solar Installers Can Leverage Growing EV Sales into New Business Opportunities Trina Solar

2. Introduction If you’re a residential solar installer, you have probably heard much about electric vehicles (EVs) lately. While EVs may seem like just another trend, they offer viable opportunities to grow your business and increase revenue. Inflation Reduction Act (IRA) incentives, government regulations, and an increasing number of EV model options at lower prices should only continue driving EV adoption rates even higher throughout the rest of the decade. This is great news for residential solar installers. Whether homeowners are considering an EV or have already bought one, a rooftop PV system can become quite the inciting option once installers can show EV drivers the additional benefits of pairing these two together.

3. Where is Growth Highest for EV Ownership? Although the US has experienced a slower adoption of EVs than many other parts of the world, EV adoption is rising across the country, with year-over-year (YOY) growth for EV registration up 42% as of August 2022. As expected, California, Texas, and Florida had the most significant new EV registration increases since they are three of the most-populated states. More surprisingly, perhaps, were some unexpected locations with significant surges: • Oklahoma (+111% YOY) • Arkansas (+79.70% YOY) • Montana (+75.53% YOY)

4. With the rise in EV adoption by the average American consumer, the residential solar segment continues to trend upward, following record-setting growth in Q4 2022. These figures don't go hand in hand, but one does influence the other. A growing number of consumers want affordable greener options, and solar is proving to be the most reliable and best value for that. EV buyers have access to a tax credit of up to $7,500. However, starting in 2024, buyers will no longer have to wait to receive a tax credit when purchasing an EV and instead will be able to apply the tax credit value at purchase time to lower the price immediately. This up-front discount should only incentive even greater new EV registrations.

5. EVs and Rooftop Solar: A Perfect Pair Steadily increasing new EV registrations lay the foundation for residential solar installers to leverage EV ownership — or even EV consideration — into potential new sales. Residential consumers with rooftop PV systems can power their EVs with solar energy, meaning your customers can maximize their energy savings. EVs can be charged from a rooftop PV system in several ways: • By connecting the solar PV system to a home's electrical system, consumers can use the excess energy generated to charge the EV. • End users can connect their EVs directly to the rooftop solar system to draw power. • Since EVs are essentially batteries on wheels, homeowners can use them as energy storage units. No matter the setup, homeowners gain a self-sustaining energy loop that helps to reduce their reliance on fossil fuels.

6. Educating Residential Consumers on the Benefits of Solar + EV While the benefits of pairing solar with an EV may seem evident for installers, this tandem may not be readily apparent to residential consumers. To overcome this hurdle, installers will need to help customers understand the value of the joint investment by educating them on the benefits of owning an EV and rooftop PV system. Although this tandem offsets the cost of electricity bills even more since both systems can result in long-term savings, other benefits include more peace of mind and lower emissions. EVs require little to no maintenance and have a much lower overall cost of ownership than traditional vehicles, which can already make them even more attractive to customers. Similarly, solar panels like the compact but high-powered 420W Vertex S+ automatically come covered with the industry-leading TrinaProtect 25-year product and 25-year performance warranty program. Plus, with no moving pieces in the first place, rooftop solar systems have a traditionally very low incidence of failure.

7. Offer Your Residential Solar Customers Optimal Value EVs will play an important role in the future of energy, and they’re an excellent avenue for residential solar installers to grow their businesses. And the high-powered Trina Solar US Advantage residential solution can help make this growth a reality. 2023 will be a year of ongoing residential solar growth and EV adoption, and Trina Solar US has the solution you need to thrive. Download our free Trina Solar US Advantage solution guidebook to learn how to deliver even more value to your residential solar customers.

8. Learn more about Smart Solar Solutions with Trina Solar: https://www.trinasolar.com/us/resources/blog/installers-leverage-ev-growth

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