SunRun reports that majority of Americans overestimate the cost of solar energy

SunRun reports that majority of Americans overestimate the cost of solar energy

April 27, 2012 0 By John Max

cost of solar energy

Cost an imaginary deterrent, according to SunRun

A new report from SunRun, a leading solar energy company in the U.S., suggests that most Americans may not have a sound understanding of the cost of solar energy installations. As with other forms of alternative energy, cost has been a major roadblock in the advancement of solar energy. Many consumers in the U.S. have criticized solar energy as being too expensive to adopt. SunRun, however, suggests that these consumers are overestimating the cost of residential solar installations, and notes that solar energy systems are more affordable than many think.

3% of homeowners able to identify true cost of solar energy installations

According to the report, 97% of Americans are overestimating the cost of installing solar panels in their homes. The study drew information from 2,211 participants, of which 1,475 were identified as homeowners. SunRun notes that a paltry 3% of consumers were able to accurately identify solar installations, on average, cost less than $1,000. Approximately 40% of participants believe that an upfront payment of no less than $20,000 is required to install a solar energy system in a home. SunRun believes that if people understood the actual costs of solar energy systems, they would be more willing to adopt them.

Homeowners express concern over growing utilities bills

SunRun’s report also notes that 95% of U.S. homeowners are concerned with the growing cost of energy for their homes. Utilities companies have been raising prices on electricity recently to account for the higher costs of oil and other fossil-fuels. SunRun believes that misunderstanding has led to paralysis amongst consumers and has left many with the idea that they have no choice but to pay for energy through a utility company.

Knowledge and awareness could speed the adoption of solar energy

SunRun asserts that awareness of the true costs of solar energy installation is of paramount importance to the solar energy industry as a whole. The company is working to see more homeowners understand the costs associated with alternative energy systems and introduce them to government incentives that are meant to make adoption of solar energy more affordable. By mitigating the financial impacts of alternative energy, SunRun believes that more people will be willing to install new energy systems.