Renewable Energy

The Thesis, in One Breath Wood Mackenzie and SEIA forecast U.S. residential solar installations fall -21% y/y in 2026 (link). Therefore, when incorporating the consensus forecast that installs rise +5% y/y in 2Q26 — demand…

Please see bottom of report for important disclosures Gordon L. Johnson/GLJ Research LLC ————————————————– Polysilicon Futures Spot Contract Price (CNY$36,100/ton = $5.11/kg) – down 1.4% w/w Note: Adjusted for CNY exchange rate and 13% VAT.Source:…

Please see bottom of report for important disclosures Gordon L. Johnson/GLJ Research LLC ————————————————– Polysilicon Futures Spot Contract Price (CNY$36,605/ton = $5.18/kg) – down 0.3% w/w Note: Adjusted for CNY exchange rate and 13% VAT….

Volumes rebounded to 208MW. Tesla’s storage share snapped back to 61%, fully retracing the February dip. And the inverter duopoly has split cleanly in two — Enphase owns what’s left of residential, SolarEdge survives only…

Bottom Line We have covered the solar complex across three full cycles — the 2011–2013 polysilicon bust, the 2018–2019 China “531” subsidy collapse, and the 2023–2024 distributor inventory disaster. The pattern is repeating. China telegraphs…

Please see bottom of report for important disclosures Gordon L. Johnson/GLJ Research LLC ————————————————– Polysilicon Futures Spot Contract Price (CNY$36,730/ton = $5.19/kg) – down 0.9% w/w Note: Adjusted for CNY exchange rate and 13% VAT….

Please see bottom of report for important disclosures Gordon L. Johnson/GLJ Research LLC ————————————————– Polysilicon Futures Spot Contract Price (CNY$37,055/ton = $5.22/kg) – down 0.4% w/w Note: Adjusted for CNY exchange rate and 13% VAT….

Investment Conclusion March 2026 CSI data does something the February dataset did not: it forces us to update our priors with intellectual honesty. The single most important data point we flagged in our April 2…

Please see bottom of report for important disclosures Gordon L. Johnson/GLJ Research LLC ————————————————– Polysilicon Futures Spot Contract Price (CNY$37,190/ton = $5.25/kg) – down 4.8% w/w Note: Adjusted for CNY exchange rate and 13% VAT….

Polysilicon Futures Spot Contract Price (CNY$38,585/ton = $5.42/kg) – down 14.8% w/w Note: Adjusted for CNY exchange rate and 13% VAT. Source: Guangzhou Futures exchange. Solar Pricing Metrics – 4/29/2026 Note: EnergyTrend discontinued slurry saw…

Bottom Line China’s National Energy Administration (“NEA”) this morning released Q1 2026 solar PV installation data confirming what we have warned about for the past two quarters: the post-“531” pricing-reform air pocket is here, and…

Investment Conclusion The US is Not “Energy Independent”. The widely-promoted narrative that the United States is energy-independent and capable of replacing Persian Gulf crude flows is analytically incorrect and, in our view, is creating dangerous…

Bottom Line A channel check this morning between PV Magazine‘s head editor and GLJ Research, LLC surfaces two converging threats to incumbent residential solar installers: (1) rising interest rates are killing the high-pressure sales model, and (2) DIY “backyard solar” formats…

investment Conclusion February 2026 CSI data paints a bearish picture across virtually every metric we track — and introduces a new, critical data point that fundamentally alters the storage investment narrative: Tesla’s CA residential storage…

Investment Thesis GLJ Research conducted a structured expert channel check with a Chief Sales Officer at Krannich Solar — one of the largest solar equipment distributors in North America — to stress-test our below-consensus bear…