Study Says Most Americans Would Consider Residential Solar

Posted by SI Staff on October 17, 2013 No Comments
Categories : New & Noteworthy

A study from research firm Market Strategies International finds that interest in residential solar installations is stronger and broader than expected among American consumers, even when those consumers are educated on associated costs. With few exceptions, this interest is strong across virtually all age and income groups.

Sixty-one percent of survey respondents overall are either somewhat or very interested in purchasing and installing a home solar system, the survey says. The initial interest is strong across most age groups and all income groups, although only 46% of consumers over age 55 are interested. Three-quarters of the 18-34 age bracket and two-thirds of the 35-54 age bracket are interested.

Survey participants were informed that, ‘The cost of a typical home solar system is about $30,000 and provides about 60% of a home's electricity needs. The final costs of a solar system can be reduced through a federal tax credit that allows purchasers to deduct 30% of the systems' cost from their income taxes. Some states also provide financial incentives for solar installations.’

According to the survey, the information made 51% of respondents more interested in home solar systems, with consumers older than 55, again, the only group to show less interest. A majority of respondents across every income group continued to show interest – even low-income households with incomes under $25,000.

‘It's pretty clear that most utilities in the U.S. have to figure out an effective strategy for working with their customers who want solar power,’ says Jack Lloyd, senior vice president of energy at Market Strategies. ‘Companies will take different approaches in adapting to the situation, but rooftop solar appears to be poised to move beyond its early adopter niche and become a more mainstream phenomenon.’

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