In California, the state with the highest number of solar panels on homes, the market for rooftop solar has shrunk dramatically, down to just 25% of its previous size due to factors like high interest rates, tight credit, and reductions in solar incentives. This oversaturation of solar installations has led to a surplus of solar power during daylight hours, resulting in wasted electricity. Additionally, California has slashed payments by 75% to residential solar owners who contribute excess energy back to the grid. Consequently, more than a hundred solar contractors have gone out of business, and over a fifth of the state's solar contractors have been laid off. Despite these challenges, current solar homeowners continue to enjoy significant savings on their utility bills due to rising electricity rates in recent years. To address the surplus solar power issue, California aims to promote household adoption of batteries for storing excess energy for later use.
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