Six in ten homeowners are eager to invest in solar panels during the next twelve months according to a new survey from Censuswide.
With energy prices predicted to rise again in early 2024 and apply further financial pressure to homeowners amid the cost of living crisis, solar panels are viewed as a vital tool for cutting running costs.
Of the 2,000+ people surveyed, 56% said “reducing energy bills” was the primary factor that would persuade them to greenlight a bespoke solar panel installation.
Younger homeowners are acutely aware of the cost benefits of solar; 67% of 35 to 44-year-olds said slashing bills by 50% or more would persuade them to switch.
Other factors that would encourage homeowners to go solar include government subsidies (32%) and reducing their carbon footprint (24%).
The desire to install solar panels is strong across demographics and property types.
New data from MCS shows that 4.1% of the UK’s property pool now has solar panels.
This equates to around 1.3m homes.
However, many more still want to work with solar panel installers.
The Censuswide study found homeowners expect to invest in a solar panel and battery storage system within six years, on average.
Energy independence key to self-sufficiency for Millennials and Gen Z
Being energy independent is driving the appeal of solar, especially among younger age groups.
Eight in ten 18 to 24-year-olds believe generating and storing energy from the sun is critical to self-sufficiency.
Commenting on the study, City Plumbing managing director said the data underlines the “market potential for solar PV”.
He added: “This is a good time for installers, engineers, and electricians to take up training in how to install renewables.”
That said, the boom in the industry has resulted in an influx of new companies.
Many of these don’t have the skills or expertise to complete installs to a sufficient standard.
It’s important that homeowners looking to invest in solar panels in the coming months work with a provider with a track record of completing high-quality installs at residential properties.