Residential solar saw a steep decline in installations early in 2020 as the COVID-19 pandemic swept the U.S., but POWERHOME SOLAR, a North Carolina residential solar company with strong business ties in Michigan, reported exponential growth last year.
On the sales side, POWERHOME closed 2020 with approximately $350 million in revenue, an 88% increase from 2019 and a 240% increase from 2018 when the company first expanded into West Michigan.
POWERHOME now employs over 1,750 workers, a 124% increase from 2019 and a 190% increase from 2018.
Jayson Waller, POWERHOME CEO, attributed much of the success to the company’s battery storage service, which it launched in January 2019 and has since been a hit with Michigan consumers. Because of the 2% cap on Michigan solar, Waller said, customers are encouraged to add battery storage to their solar array so they have it in the event of an emergency and don’t have to sell excess energy back to utilities.
“It took off like wildfire,” he said. “We see the consumers are tired of utilities monopolizing the grid.”
POWERHOME SOLAR launched it commercial division in early 2019, the Business Journal previously reported, but with government-mandated shutdowns to suppress the spread of COVID-19, solar arrays for commercial businesses that can barely meet their rent has been a hard sell.
Alternatively, as the virus forced many people to work from home, more Michigan residents are relying on a reliable power source for their homes.
“With the pandemic, you’ve got businesses who don’t think they can finance solar, but with residential, a lot of our competitors are continuing to grow as well, and the new election really looks promising for solar,” Waller said. “We’re dealing with the pandemic. But with people more at home, they wanted to control their power usage. We were already on the climb of having a great year, even with all this. I really think it is people saying, ‘Hey, I don’t want my power to go out.”
The company installed approximately 49,000 KW worth of solar in 2020, a 29% increase year-over-year, and served around 8,000 customers, a 23% increase over 2019.
POWERHOME SOLAR was founded in 2015 and is active in Michigan, Ohio, North Carolina, Pennsylvania, South Carolina and Virginia.