SolarReviews scoring system to rank solar panel brands

SolarReviews is proud to announce the release of its Solar Panel Manufacturer Scoring System. The scoring system has been formulated after extensive discussion with industry leaders and offers a transparent and unbiased methodology for reviewing solar brands. 

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The rankings are designed to provide homeowners insight into the likely quality and performance of solar panels over their full life. The term "full life" is key here, as solar panels are a long-term investment with a warrantied life of between 25 to 30 years.

Our team of solar experts reviewed 30 solar panel brands, narrowing it down to the top 10 best solar panels of . 

Rank

Brand

Category Awarded

1.

Qcells

Elite

2. 

Silfab Solar

Elite

3. 

JA Solar Technology

Excellent

4. 

Jinko Solar

Excellent

5.

Canadian Solar

Excellent

6. 

LONGi

Excellent

7. 

Panasonic

Excellent

8.

REC Group

Excellent

9. 

Maxeon

Excellent

10.

SEG Solar

Excellent

Why was an expert rating system needed for solar panel brands?

After running a reviews website for the solar industry for many years, it was clear to SolarReviews experts that consumer reviews alone were not enough. 

Consumer reviews, while valuable, don&#;t always capture the whole picture. For example, homeowner reviews are typically written within the first year of a panel&#;s life and therefore don&#;t cover performance over time. Also, these reviews don't always consider the more complex side of solar. An expert rating system was needed to judge criteria not visible to consumers.

Our scoring methodology goes beyond looking at a solar brand&#;s current product line. Instead, we take a holistic approach that includes factors such as the company&#;s financial health, brand reliability, and availability.

Ranking factors

Below is a list of the criteria we used to score the solar panel companies, and the weights we assigned to each.

• Value (25%): Solar panels are a substantial investment, and their high upfront cost deters many homeowners from going solar. As such, we think solar panel cost is a significant factor to consider when rating solar panels.

• Module quality (20%): This is an assessment of the spec sheet performance of each company's top residential solar panel, specifically their efficiency rating and temperature coefficients. Panels that take up less space and perform more consistently in different climatic conditions will earn a higher score.

• Company financial performance (20%): This factor assesses the financial health of the solar panel manufacturer. This serves as the best possible indicator of whether the company will be around to honor any warranty claims that may arise.

• U.S. investment (15%): This factor assesses how committed each brand is to the U.S. market.

• Warranty (10%): Here, we look at both the product and performance warranty. The former reflects the module's reliability, while the latter tells you how panel performance will hold up with each passing year.

• Dealer network (10%): This reflects the availability of the brand among solar installers.

Let&#;s take a deeper dive into each category and see how we assigned scores for each.

1. Value - 25%

Points assigned for: Cost per watt

To ascertain the value of each solar panel brand, we assigned points based on the cost per watt of available solar modules at the time of scoring (December ). The lower the cost per watt, the higher the score. Cost is an important factor to homeowners when considering solar panels, so SolarReviews felt it crucial to include this criterion when ranking panels. 

We found that the solar panel brands offering the cheapest panels were nearly half the price of the most expensive. 

Highest value scores: JA Solar, Waaree, Heliene

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Lowest value scores: CertainTeed, Panasonic, Maxeon

2. Module quality - 20%

Points assigned for: Panel efficiency; Temperature coefficient, PVEL Scorecard 

When judging module quality, we focus on the two most important items on the specifications sheet: panel efficiency and temperature coefficient.  We also reviewed if the brand was present on the or PVEL Scorecard.

Panel efficiency measures the amount of sunlight that gets converted into energy. Fewer high-efficiency panels are needed to meet homeowner&#;s energy needs. The temperature coefficient of Pmax tells us how well a panel will perform in real-world temperatures. The closer the temperature coefficient is to zero, the better. 

These two factors are not just meaningful on their own; they also speak to the solar panel&#;s overall production quality. Companies must employ advanced, highly automated manufacturing processes to achieve high-efficiency ratings and good temperature coefficients. 

The PVEL Scorecard is a third-party list that recognizes solar brands whose products have excelled in additional reliability and performance testing, further proving the quality of the brand&#;s panels. 

Highest scores for module quality: Maxeon, Panasonic, REC Group

Lowest scores for module quality: Mission Solar, Solaria, Aptos Solar

3. Financial visibility and strength - 20%

Points assigned for: Public listing; Availability of financial statements; Operating revenue and profitability

Solar panels are a unique product - they are designed to work for decades, and manufacturers guarantee a certain performance level for 25 years. Analyzing a company&#;s financial strength is the best way to determine how likely it is the brand will be around in the next 25 years to provide support. 

The first step is determining whether the company&#;s financials are visible and, therefore, easy to assess. Companies that publish their financial statements or are publicly traded get more points.

Next, we look at revenue. We assign points to companies based on the size of their overall revenue, as we deem larger manufacturers more likely to survive. Large manufacturers with revenue north of $2 billion earn the maximum number of points, while smaller players with under $100 million earn the least.

Finally, we look at profit. We assign extra points to companies that reported a net profit in the most recent financial year. The logic here is simple: profitable companies have the best chance of staying in business and expanding, while unprofitable companies have less rosy prospects.

Some of the brands we&#;ve rated are private or wholly-owned subsidiaries of larger groups that offer no visibility into their financial position. These companies were evaluated based on the information available from the parent company. 

Highest scores for company financial performance: Jinko Solar, Panasonic, Canadian Solar

Lowest scores for company financial performance: Aptos, Freedom Forever, SolarEver

4. U.S. investment - 15%

Points assigned for: Headquarters or offices in the U.S.; American manufacturing; Attendance at U.S. trade shows and events

Many consumers prioritize buying locally and supporting the local economy. To reflect this, we assigned more points to companies with global headquarters in the U.S., with fewer points if they only have offices here. We also awarded extra points to manufacturers with solar panel production facilities here in the U.S. and for recent attendance at major American trade shows and industry events.

The companies that score highest in this category are American-headquartered companies with local production facilities. However, some big foreign manufacturers score relatively high as well, having spent hundreds of millions of dollars to set up U.S. factories and strengthen their local marketing and support. Points were also awarded for companies that announced new manufacturing facilities in the U.S. that have not yet come online. 

Our logic here is that if a company has spent a lot of money building up its brand equity in the U.S, it is more likely to honor warranties to protect the reputation of its brand.

Highest scores for U.S. investment: Qcells, Solar4America, Silfab

Lowest scores U.S. investment: United Renewable Energy Co., Phono Solar, ZNShine

5. Warranty - 10%

Points assigned for: Product warranty length; 25-year performance warranty

The warranty is an important consideration when buying a product like solar panels since they are built to last for a quarter-century or longer. We&#;ve awarded higher points to the brands with the longest product warranty periods. 

For the performance warranty, we&#;ve also assigned the highest points to solar panels with the lowest degradation rates, meaning they will see the smallest output drop-offs over their warrantied lifetime. The panels that scored highest here indicate that they will produce 90% or higher of their rated output at the 25-year mark.

You may be wondering why we&#;ve decided to limit the warranty to just 10% of our score. The reason is simple: while warranty promises are useful, we believe that the company&#;s ability to honor the warranty is what really matters, a fact that is best reflected by its financial performance score.

Highest scores for warranty: Maxeon, Panasonic, REC Group

Lowest scores for warranty: Freedom Forever, Sunspark, Phono Solar

6. Dealer Network - 10%

Points assigned for: Share of residential installations

A manufacturer may offer great solar panels, but this is of little use if local dealers and installers don't carry their product. We allotted 10% of our score to reflect product availability and the installers that installed the brand. 

Dealer network quality was determined by reviewing data from California&#;s Distributed Generaiton Statistics database. 

Highest scores for dealer network: Qcells, Maxeon, Canadian Solar

Governments, businesses, and individual consumers are increasingly looking to alternative and sustainable forms of energy beyond fossil-based fuels as signs of climate change escalate.

While solar and other alternative energies tend to be more expensive or more difficult to produce upfront compared with fossil fuels, they have the primary benefit of leaving behind a significantly smaller environmental impact. Solar companies are experiencing a period of growth following incentives provided by the Inflation Reduction Act of , which allows taxpayers to subtract 30% of the cost of solar power from their taxes through .

These are the 10 biggest solar companies by market capitalization. The list is limited to publicly traded companies that are listed on the Nasdaq or New York Stock Exchange (NYSE).

All data are courtesy of TradingView and are current as of June 13, .

1. NextEra Energy (NEE)

• Market Capitalization: $151.19 billion
• Price to Earnings Ratio (P/E): 19.69
• Revenue (TTM): $23.99 billion
• Net Income (TTM): $7.49 billion
• Exchange: New York Stock Exchange

NextEra Energy, which describes itself as the "world's largest producer of wind and solar energy," is a leading clean energy provider based in Florida, operating 33 solar projects in the U.S. The company touts more than 23,000 net megawatts (MW) of generating capacity in the U.S. and Canada.

2. First Solar (FSLR)

• Market Capitalization: $31.20 billion
• Price to Earnings Ratio (P/E): 31.53
• Revenue (TTM): $3.56 billion
• Net Income (TTM): $1.02 billion
• Exchange: Nasdaq

First Solar provides solar panels, photovoltaic power plants, and related services, such as the constructing, maintaining, and recycling of these products. The company utilizes a thin film semiconductor technology to achieve enhanced efficiency and sustainability in its solar modules.

First Solar's net sales for the first quarter of were $794 million, down 400 million from the previous quarter. The company said the decrease was largely due to expected seasonal reductions in sales volumes.

3. Enphase Energy (ENPH)

• Market Capitalization: $17.65 billion
• Price to Earnings Ratio (P/E): 69.70
• Revenue (TTM): $1.83 billion
• Net Income (TTM): $275.97 million
• Exchange: Nasdaq

Enphase Energy builds and provides solar solutions for homes and businesses in more than 150 countries. Its unique product is a modularized smart technology that integrates an energy storage system that can charge electric vehicles, balance loads, and provide power that customers don't use to the grid.

Enphase said in its first-quarter earnings report that it experienced slowing demand in the U.S. in the first months of the year, while revenue in Europe increased by about 70% over the final quarter of .

4. Nextracker Inc. (NXT)

• Market Capitalization: $8.79 billion
• Price to Earnings Ratio (P/E): 19.84
• Revenue (TTM): $2.50 billion
• Net Income (TTM): $306.24 million
• Exchange: Nasdaq

Nextracker provides solar software and tracking solutions for use in utility-scale solar projects globally. Its products are used to help solar panel power plants to follow the sun's movement and to optimize performance. Nextracker products are used in power plants across more than 30 countries.

For the fiscal year, ended March 31 of this year, Nextracker reported a 31% year-over-year increase in revenue as it reach a milestone of 100 gigawatts shipped globally since the launch of the company.

5. Brookfield Renewable Partners (BEP)

• Market Capitalization: $7.36 billion
• Price to Earnings Ratio (P/E): N/A
• Revenue (TTM): $4.92 billion
• Net Income (TTM): -$89.22 million
• Exchange: New York Stock Exchange

Brookfield Renewable Partners, based in Bermuda, owns a portfolio of renewable power assets, including hydroelectric, wind, solar, and distributed energy solutions across five continents. Investors can also access the portfolio through Brookfield Renewable Corporation (BEPC), based in Canada. BEPC has a market cap of $5.49 billion and a trailing 12-month revenue of $4.03 billion.

6. Clearway Energy (CWEN)

• Market Capitalization: $5.32 billion
• Price to Earnings Ratio (P/E): 41.04
• Revenue (TTM): $1.50 billion
• Net Income (TTM): $77.00 million
• Exchange: New York Stock Exchange

Clearway Energy is one of the largest renewable energy owners in the United States, boasting about 6,200 net megawatts of installed wind, solar, and battery energy storage systems. The company says it has powered the equivalent of 2 million homes and has helped customers avoid 10 million metric tons of carbon dioxide.

7. Ormat Technologies, Inc. (ORA)

• Market Capitalization: $4.51 billion
• Price to Earnings Ratio (P/E): 34.10
• Revenue (TTM): $868.36 million
• Net Income (TTM): $133.96 million
• Exchange: New York Stock Exchange

Ormat Technologies, based in Nevada, supplies alternative and renewable geothermal energy technology, designing and operating technology that converts heat into electricity. The company has expanded into energy storage services and solar panels, operating plants in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe.

8. Fluence Energy, Inc. (FLNC)

• Market Capitalization: $3.95 billion
• Price to Earnings Ratio (P/E): N/A
• Revenue (TTM): $2.20 billion
• Net Income (TTM): -$46.07
• Exchange: Nasdaq

Fluence develops energy storage products that help modernize energy networks. The company, launched by Siemens and AES in , is involved in more than 225 energy storage projects across 47 markets around the world, covering 9.4 gigawatts of energy storage.

9. Bloom Energy Corporation (BE)

• Market Capitalization: $3.43 billion
• Price to Earnings Ratio (P/E): N/A
• Revenue (TTM): $1.29 billion
• Net Income (TTM): -$299.07
• Exchange: New York Stock Exchange

Bloom Energy, headquartered in California, is a renewable energy company creating technology that generates electricity and hydrogen, aiming to make clean, reliable energy affordable around the world. The company uses technology that produces air and fuel from the electricity generated by solar panels.

10. Sunrun Inc. (RUN)

• Market Capitalization: $2.96 billion
• Price to Earnings Ratio (P/E): N/A
• Revenue (TTM): $2.13 billion
• Net Income (TTM): -$1.45 billion
• Exchange: Nasdaq

Sunrun Inc., develops, manufactures, sells, installs, and maintains solar energy systems. Its products range from rooftop panels and batteries for homes to large-scale energy projects and are installed in more than 900,000 homes.

Sunrun expects its capacity installed in to be in the range of 800 to 1,000 megawatt hours, representing growth of 40% to 75% over figures.

The Bottom Line

While post-pandemic interest rate increases have hindered solar companies' ability to finance expansion and customers' ability to pay for new installations, many of the largest solar companies in the world are nonetheless experiencing strong revenue growth. The top solar company is NextEra Energy with a market cap of $151.19 billion. All of the companies in our top 10 list have a market cap of at least $2.96 billion.

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