Solar energy subject to misinformation in the UKDecember 15, 2012
Solar energy adoption low because of lack of information regarding financial benefits
Solar energy is on the rise all over the world, but rates of adoption could be much higher, especially in the United Kingdom, according to a survey from Eco Experts, an energy advocacy group. While most UK consumers are aware that solar energy exists and how to make use of it, many more are unaware of the financial benefits that can be gained through the adoption of solar energy. The general consensus among consumers, according to Eco Experts, is that solar energy installations are far too expensive to be feasible for homeowners.
Financial benefits of renewable power are not well known
While it is true that solar energy installations can be incredibly expensive, even with the support of government incentives, the long-term financial benefits that can be obtained through these systems can trump the high upfront cost. According to the Eco Experts survey, one-third of UK consumers are unaware of these benefits. The survey suggests that the positive financial aspects of solar energy should be better publicized in order to balance the impact that the high cost of adoption has had on homeowners.
Few consumers understand the returns on investments they could see
According to Eco Experts, adopters of solar energy systems could see returns on investment as high as 10%, which is far more that what the country’s banks typically offer their investors. The survey shows that most homeowners believe that solar energy systems represent much lower returns than the 10% mark, a belief that has proven to discourage the adoption of solar energy. The survey suggests that many consumers have fallen prey to disinformation, or information that is simply out of date.
Lack of information could harm the solar energy business
Lack of accurate information could hurt the solar energy industry in the United Kingdom. Low adoption rates mean that solar energy companies are not finding the business traction they need to remain solvent in the long-term. If the problem is so simple as the lack of information, however, companies and government agencies investing in solar energy could find that the solution could be as straightforward as providing updated information to consumers.