US residential installer Titan Solar Power ceased operations late last week, with an alleged email to employees suggesting “negotiations fell through” with a would-be buyer of the company.
Founded in 2013 in Arizona, the company was present in 16 states and, for the past six months, was negotiating with a potential buyer to acquire the company. This new buyer was meant to bring “new sales channels to the company and take us in a new direction” according to an email shared on social platform Reddit that is alleged to have been sent to employees of Titan Solar Power (see below).
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When that deal went down, the company spoke with other potential investors, although to no avail.
According to local TV outlet KTNV Las Vegas, the company was under scrutiny for several months from the Nevada State Contractors Board after receiving several complaints from customers in the US state of Nevada.
US residential solar’s downturn
Titan Solar Power abruptly shutting down its operations is the latest negative news for the residential solar market in the US. Last December, solar company SunPower announced it had breached a credit agreement, sparking concerns over its ability to stay in business. In its financial results for 2023, the company posted a significant net loss, while its customer growth kept shrinking.
Trade association the Solar Energy Industries Association (SEIA) and Wood Mackenzie predicted a downturn for the US residential market in 2024, which will be led by struggles in the California residential sector. This is due to the state’s change in the net energy metering policy (NEM3.0), which entered into effect in April 2023.
A report from the trade body the California Solar & Storage Association (CALSSA) estimated in December 2023 that the solar industry in California could lose 17,000 jobs in 2023 due to the implementation of NEM3.0 in California.
Earlier this year, CALSSA spoke with PV Tech Premium about California’s residential market downturn in 2024. “Without government intervention, a downward trend will be the best description of the California market this year,” said Bernadette Del Chiaro, executive director at CALSSA.
