Renewable Energy

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…

Investment Thesis (A.) The Event — The Anti-Involution Premium Is Gone. As of today’s close (March 23, 2026), the dominant polysilicon futures contract on the Guangzhou Futures Exchange settled at ¥35,435/MT, down ¥3,130 (-8.12%) on…

What the Chart Shows — and Why It Matters The dominant polysilicon futures contract (多晶硅主连) closed today at ¥38,550/MT, down ¥2,360 (-5.77%) on the session alone, on volume of 13,502 contracts. The intraday range of…

Investment Thesis California Solar Initiative (“CSI”) January 2026 data delivers a verdict across two distinct dimensions: (1) the post-ITC pull-forward hangover is confirmed, with the MLPE duopoly’s inverter and storage share erosion accelerating; and (2)…

Please see bottom of report for important disclosures Gordon L. Johnson/GLJ Research LLC ————————————————– Polysilicon Futures Spot Contract Price (CNY$47,630/ton = $6.65/kg) – down 3.4% w/w Note: Adjusted for CNY exchange rate and 13% VAT….

California Solar Initiative (“CSI”) Data Sheds Light on State of Affairs for Module Level Performance Electronic (“MLPE”) Bellwethers Enphase and SolarEdge, as well as U.S. Storage Market. In this note, we provide the key takeaways from…

What’s Up? According to PVInsights, and keeping in mind that polysilicon comprises roughly ~15% of the bill of materials (“BOM”) for a Chinese solar module, N-type recharge polysilicon prices rose ~25% y/y in 2025 –…

Bottom Line: To start 2026, Wall Street has quietly but decisively reiterated its solar optimism, though with notable selectivity. In SolarEdge (SEDG; SELL), TD Cowen broke ranks recently by upgrading the stock to Buy, chasing…

California Solar Initiative (“CSI”) Data Sheds Light on State of Affairs for Module Level Performance Electronic (“MLPE”) Bellwethers Enphase and SolarEdge, as well as U.S. Storage Market. In this note, we provide the key takeaways from…

Bottom Line. Last Thursday (link), in what can only be described as unambiguously bad news for publicly traded Chinese solar manufacturers, the CCP quietly pulled the rug out from under the industry’s economics. Effective April…

Anti-Involution Hopes Drove Stellar Performance in Chinese Solar Stocks in 2025. China’s “anti-involution” push in solar is Beijing admitting – quietly – that endless capacity growth and price wars have produced impressive volume statistics and…

California Solar Initiative (“CSI”) Data Sheds Light on State of Affairs for Module Level Performance Electronic (“MLPE”) Bellwethers Enphase and SolarEdge, as well as U.S. Storage Market. In this note, we provide the key takeaways from…