48% of households report monthly energy savings as the main purchase driver of solar panels
DALLAS, March 15, 2023 /PRNewswire/ — 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.”
The industry report covers key metrics around adoption and purchase intentions for solar and storage solutions, perception of energy costs and renewable energy resources, industry trends, and new market opportunities. It includes a five-year forecast of home solar photovoltaic systems and battery storage.
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About Parks Associates
Parks Associates, a woman-owned and woman-led internationally recognized market research and consulting company, specializes in emerging technology solutions serving the consumer and small to medium business (SMB) markets. Celebrating its 35th year in 2021, Parks Associates is a partner to companies navigating the changing consumer technology landscapes through data-driven market insights, extensive consumer and industry intelligence, custom marketing services, and executive networking experiences and conferences.
The company’s expertise includes home automation, control systems and security, digital media and platforms, entertainment and gaming, home networks, internet and video services, connected health and independent living solutions, mobile applications and services, support services, consumer electronics, and energy management solutions.
Each year, Parks Associates hosts industry webcasts, Smart Spaces: Apartments, Hospitality, and Community Living, the CONNECTIONS™ Conference Series, Connected Health Summit, Smart Energy Summit: Engaging the Consumer, and Future of Video: OTT, Pay TV, and Digital Media. http://www.parksassociates.com
SOURCE Parks Associates