SAN JOSE, Calif., Aug. 19, 2021 /PRNewswire/ -- High profile
grid failures, power outages and mounting electricity bills are
driving many U.S. homeowners to strongly consider and purchase
solar with attached storage, according to a new survey released
today by SunPower Corporation (NASDAQ:SPWR). The 2021 SunPower
Energy Sense Index surveyed 1,500 homeowners in the U.S. to better
understand their home energy experience, industry knowledge, and
the factors motivating them to consider renewable energy.
Key findings include:
Many homeowners live in fear of power outages
Concerns around energy instability impact a large percentage of
Americans: two in five respondents worry about power outages on a
monthly basis, with one in five worrying every single week.
Accordingly, more than half of homeowners that experienced a power
outage in the last year say their level of trust in their
electricity provider has wavered.
Outages cause homeowners to take action
One third of those considering solar cited high-profile outages as
a key reason to start investigating systems for their homes.
Seventy percent of this group plan to include a battery for energy
storage in their initial purchase for resilience during outages,
compared to market demand of under 6% last year according to the
Solar Energy Industries Association (SEIA). Additionally, compared
to homeowners who didn't experience an outage in the past year,
those that did are nearly four times more likely to have purchased
solar panels and storage.
Solar consumers diversifying
Residential solar
installations in the U.S. have grown steadily over the last two
years, increasing by 11% in 2020 and reaching a record 3.1 gigawatt
of capacity according to SEIA and Wood Mackenzie. The Index
shows an industry poised to capitalize on that growth with new
solar buyers.
While 74% of solar users who participated are millennials or
Generation Z, baby boomers represent the majority of those
currently considering solar. People in lower income brackets are
also adopting solar: nearly three quarters of those considering
solar earn less than $100,000
annually, compared to just 34% of those who already have solar on
their homes. While those who own or are considering solar are
largely concentrated in the South and California, the Midwest is the next most
promising area for solar adoption with 24% of homeowners
considering solar hailing from this region.
Cost is at the center of solar decisions
As solar is
poised to break into new income brackets, the survey data
underscores that cost is critical to those considering solar, as
well as those who already have systems installed in their homes.
Lowering electricity costs is the number one reason homeowners
purchased solar, followed closely by resilience during power
outages. Seventy-nine percent of those considering solar cite cost
as the reason that would prevent them from pulling the trigger —
yet 60% of all survey respondents overestimate the average cost of
purchasing a solar system.
Read or download the full report at sunpower.com/esi.
Methodology
The 2021 SunPower Energy Sense Index
collected a sample of U.S. homeowners with solar systems on their
homes, those considering solar, and those not considering solar. A
total of 1,500 respondents completed the survey, which was
conducted by Schlesinger Group, an independent research
company.
About SunPower
Headquartered in California's Silicon Valley, SunPower
(NASDAQ:SPWR) is a leading Distributed Generation Storage and
Energy Services provider in North America. SunPower offers the
only solar + storage solution designed and warranted by one company
that gives customers control over electricity consumption and
resiliency during power outages while providing cost savings to
homeowners, businesses, governments, schools and utilities. For
more information,
visit www.sunpower.com.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/blackouts-rising-electricity-bills-driving-solar-and-energy-storage-purchases-301358824.html
SOURCE SunPower Corp.