With rising utility costs and environmental concerns in the news frequently, homeowners are increasingly considering a switch to solar power. Yet, the vast majority of Americans overestimate the cost of solar panels, resulting in a failure to even investigate the possibility of making such an investment.
According to a nationwide poll commissioned by SunRun (conducted online by Harris Interactive in February 2012), 97% of Americans overestimate the cost of solar panels. On the other hand, 80% of those who do not have solar panels stated that they would make the switch if cost was not a factor.
For about 40 percent of those surveyed, it was found that 4 out of 10 adults think that solar system installations cost $20,000 or more. Just 3 percent were found to truly understand the cost of setting up such systems which is about $1,000 upfront. For 97 percent of the population, solar energy, while no doubt beneficial, is too expensive to consider.
As we have posted several times on this blog, homeowners can go solar with no money down through programs like those offered by Sunrun. A solar panel lease or a power purchase agreement can allow customers to enjoy the benefits of cheap solar energy without the commitment of ownership. A fixed monthly rate is charged, usually for the life of the contract (15-20 years).
The idea that solar panels are too expensive stops most people from even obtaining an estimate or additional information about the various options for financing solar panels.
“The widespread myth that solar is too expensive is a remnant from the time when buying costly panels for tens of thousands of dollars was the only option,” said Sunrun President and co-Founder Lynn Jurich. “Fortunately that era is over. Misinformation is the root of the problem, and this data can help increasing numbers of homeowners get educated and opt into solar.”
Yet with the growth of solar power service options, like those offered by SunRun, homeowners can immediately begin saving money the day after installation. Ownership, maintenance and insurance remain with the solar company, while the property owner begins enjoying clean, reliable, consistently priced solar power right away.
Are you overestimating the cost of solar panels? Is that holding you back?