Understanding Solar Homeowners' Priorities: Palmetto's Inflation Reduction Act Survey Findings

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The Inflation Reduction Act (IRA) seeks to incentivize renewable energy and energy efficiency upgrades in the home.
But which ones are most attractive to solar homeowners?
We polled more than 350 Palmetto solar customers to find out which energy-efficiency home and vehicle upgrades they plan to invest in, now that they’re incentivized by the IRA. This includes upgrades like heat pumps, electric vehicles, solar panels, and battery storage. We also asked them which investments would have the biggest impact on their lives.
Here are some of the key findings of our survey:
  • 61% of solar homeowners are interested in solar energy battery storage now that the Inflation Reduction Act has passed.
Among the home energy-efficiency upgrades presented in our survey, solar battery storage captured the highest level of interest in four out of five U.S. markets.
  • 71% of solar homeowners selected price as a key factor in the decision to invest in home or vehicle energy-efficiency upgrades.
When we wanted to determine the factors that will motivate homeowners to invest in energy-efficient solutions, we found that price is the important factor. It’s normal to want to get your money’s worth when you invest, so it shouldn’t be surprising to hear that financial incentives can play a key role in encouraging homeowners to make energy-efficient upgrades.
  • More than 78% of people are considering buying a hybrid or electric car because they could get a discount through the Inflation Reduction Act.
Only 11% of surveyed solar homeowners currently own or lease a hybrid or electric vehicle, but the IRA has increased their interest in purchasing one.
  • 48% of solar homeowners are satisfied with their home energy efficiency.
When asked about their level of satisfaction with their home energy efficiency, the majority reported being moderately to highly satisfied. Solar homeowners are mostly happy with their homes' energy efficiency, but there's still space to improve their happiness — which presents additional opportunities to maximize solar energy generation.
  • More than half of solar homeowners have already invested in high-efficiency appliances.
The Inflation Reduction Act could make high-efficiency appliances more attractive to homeowners looking to upgrade.
  • More than 50% of solar homeowners consider incentives and credits to be a key factor in deciding to invest in energy-efficient upgrades.
Solar homeowners also shared that the savings they receive from the IRA are an important factor in their investment decision.
  • 58% of solar homeowners report an increased interest in energy-efficiency investments in response to the new credits.
One solar homeowner says, “They make me want to invest more in saving energy and the environment. It never hurts to take advantage of good incentives on things to help our world”.
Follow the download link in our blog to read the white paper and learn more about the survey.

Do you want to go solar with Palmetto? Click here. You can stay in the loop with Palmetto by subscribing to our newsletter and following us on Twitter and LinkedIn.

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71 w

Which things were you surprised to learn? Let us know!

  • Ford Brodeur

    71 w

    Great article! I was surprised to read that - "More than 78% of people are considering buying a hybrid or electric car because they could get a discount through the Inflation Reduction Act." Will Palmetto be making a follow-up survey this year to see if attitudes or changes have shifted since the passing of the IRA?

    • Munene Mugambi

      71 w

      Clean energy incentives are the right thing to do

      • Palmetto

        71 w

        Which things were you surprised to learn? Let us know!

        • Sameen Shahid

          71 w

          @Palmetto That it's not as difficult to change our ways we we think. AND governments must play their part to make change happen.

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