Residential Solar RESEARCH

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ENPH volumes up, but broader market still languishing

Expected rebound NOT materializing; May permits still down 35% y/y (Cali down 60%)

Heads up on 20% decline for Q1 installations (and muted bounce for Q2)

March permits up (modestly)…installations still have leg down

Permits slow start to the year (despite anecdotes of better sales)

February 22, 2024

Hard landing in December

January 11, 2024

October permits still getting worse

October 19, 2023

Hard landing in September….updating 2024 estimates

October 3, 2023

No sign of a rebound

September 12, 2023

August still trending lower

August 31, 2023

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