97% of Americans Overestimate Cost of Installing Solar Panels

A new study commissioned by Sunrun finds that a whopping 97% of Americans overestimate the upfront cost of installing rooftop solar panels. Meanwhile, of course, 8 out of 10 of those without solar say they would install it if cost weren’t a factor.

The study was conducted online by Harris Interactive® in February 2012. 2,211 U.S. adults participated in the study, and 1,475 of them were identified as homeowners.

“While only 3% accurately understand that installing solar can cost less than $1,000 upfront, 4 out of 10 U.S. Adults (40%) think it requires $20,000 or more in upfront costs, grossly overestimating the true cost of installing home solar,” Sunrun, the country’s largest home solar company, writes. Here are more statistics from the poll:

While people are concerned about rising utility prices, most do not realize that solar can chip off a big chunk of those costs and that solar essential means more money for them in the long run (and, if they decide to go the solar leasing option Sunrun is focused on, perhaps even immediate savings).

“The vast majority of Americans are concerned about rising home energy costs from utility companies — 95% of U.S. adults who do pay and/or are aware of their utility costs cited their rising utility rates as a concern — yet homeowners remain paralyzed by misconceptions about what it costs to install solar.”

“When it comes to money matters, ignorance is rarely blissful. When it comes to solar money myths, misinformation actually prevents U.S. homeowners from making smarter financial decisions,” said Manisha Thakor, Harvard MBA and former portfolio manager turned bestselling author and financial literacy advocate. “Solar power service has become something any homeowner should now consider as part of a modern investment portfolio, if it’s available to them. Among other benefits, it offers homeowners the unprecedented ability to plan and predict one of their largest household expenses for years to come: energy. Consumers can direct any savings from solar to other top financial priorities like paying off debt or investing in retirement.”

It seems that for this reason, and probably largely because of good marketing as well, most people going solar in California (the #1 state for solar power) are going solar via a third-party service (i.e. a solar lease or a solar PPA).

No matter how you go solar, though, I think the point of the matter very simply is that there are a variety of options available these days, and they all offer good financial returns for a large number of people, probably most people. If you’re thinking of going solar, certainly don’t assume it’s too expensive and dolook into the options available to you.

Source: Business Wire

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