48% of households report monthly energy savings as the main purchase driver of solar panels.
DALLAS, March 15, 2023: Parks Associates’ latest report “Solar and Storage: Opportunities in the Smart Home,” available to purchase online, finds consumers are concerned about high energy prices but still have low familiarity overall with solar panels. More than 60% of US internet households report their electricity costs are too high, which would benefit the market for solar solutions, but only 17% of US internet households report being very familiar with solar panels.
“Consumers are concerned about energy costs and are also interested in solutions that would make them independent of their local provider, so market conditions could lead to strong growth in solar adoption, provided consumers become more familiar with these solutions,” said Chris White, Research Director, Parks Associates. “It is in the best interest of utilites to increase awareness, as solar-generated power can help them manage the load on the grid.”
US households still have low familiarity with solar and other home energy management solutions, but adoption has increased slowly the past few years. Parks Associates research shows 7% of US internet households have a solar panel. Climate awareness, energy uncertainty, economic incentives, and technological innovation all have contributed to the growth of the solar panel industry over the last decade. Recent popularity surges in the electric vehicle (EV) industry and the rise of connected devices are helping grow familiarity with solar and storage solutions.
“Ownership of major home energy equipment has increased over the past 10 years,” White said. “The Inflation Reduction Act and Bipartisan Infrastructure Act are two pieces of legislation that establish extensive incentives and tax credits for consumers acquiring solar panels, among other energy management solutions.”
