FranklinWH Surveyed 1000 Homeowners. Here Is What We Found

Industry insights · Aug 9, 2023

The landscape of residential energy consumption is evolving rapidly, with an increasing focus on sustainable practices and alternative energy solutions.

A recent homeowner survey performed by FranklinWH included 1000 homeowners. It provides valuable insights into the attitudes, preferences, and knowledge of a diverse group of homeowners across the United States.

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Demographics: A Diverse Portrait of Homeowners

The survey captured a diverse cross-section of homeowners from different genders, age groups, regions, ethnicities, income levels, and educational backgrounds.

It's notable that the respondents' demographics reflect a balanced gender distribution, a broad spectrum of age groups, and representation from various regions across the country.

This diversity provides a comprehensive understanding of how different segments of the population view solar technology and energy storage solutions.

Solar's Investment Appeal and Potential Nighttime Use

When asked about the investment potential of solar technology for their homes, a substantial 73% of respondents affirmed its appeal, while 27% remained uncertain.

This reflects a growing recognition of the benefits of solar energy in terms of sustainability and potential cost savings.

A significant majority (95%) of respondents agreed that the appeal of solar power systems could be enhanced if they could store and use the generated power during periods of limited sunlight, such as at night.

This underscores the importance of innovation in energy storage solutions, as it directly influences the attractiveness of solar systems to homeowners.

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Awareness and Familiarity with Energy Technologies

The survey delved into homeowners' awareness and familiarity with solar panels and home battery backup systems.

Interestingly, 73% of respondents expressed familiarity with the benefits of solar panels, while 38% were familiar with both solar panels and home battery backup systems.

This suggests a growing awareness of renewable energy options and their potential advantages.

Applications of Home Battery Backup Systems

Home battery backup systems offer a range of potential applications for homeowners.

The survey revealed that 35% of respondents considered using these systems as their primary energy source, while 40% viewed them as emergency power sources.

Additionally, 34% expressed interest in splitting energy use between the grid and their home battery system, showcasing a diverse range of intended applications.

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Compelling Benefits of Energy Storage Systems

Respondents were asked to choose the three most compelling benefits of using home battery backup systems across various categories. The results highlighted the following benefits:

a.     Protection in the event of a power outage: 55% ranked this benefit as the most compelling.

b.    Lower electric bills: 41% found this benefit to be the most compelling.

c.     Sustainability/reduced greenhouse emissions: 17% regard the importance of reduced environmental impact as the most compelling.

d.    Government incentives: A mere 6% valued incentives as the most compelling motivating factor.

e.     Increased home value: Only 8% perceived the potential increase in property value as the most compelling benefit.

Knowledge of Solar and Energy Storage

The survey also explored respondents' knowledge about solar and home energy storage.

While 47% of respondents correctly understood that their utility rate can change after installing solar panels, only 29% were aware that energy generated from solar panels cannot be used during grid outages without a home battery backup system.

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Tax Incentives and Investment Intentions

The prospect of a 30% tax credit from the U.S. government for installing home energy storage systems garnered mixed reactions.

While 46% indicated they would invest only if they qualified for the full 30%, 22% were open to investing even with a credit of less than 30%.

Notably, 17% expressed resistance to investing even with the incentive being offered.

Respondents who do not want to invest in home energy storage cite reasons such as the cost of installation (60%) and maintenance (51%).

Sources of Information and Knowledge

Homeowners drew knowledge from a variety of sources when it came to energy-saving and efficiency.

Friends, family, and colleagues (34%), internet resources (45%), and the respondents' current energy providers (41%) were the most frequently cited sources of advice.

Conclusion: Insights Shaping Future Energy Decisions

The homeowner survey highlights the growing interest in renewable energy solutions, specifically solar panels and home battery backup systems.

With a majority of respondents acknowledging solar technology's potential as a sound investment and expressing a desire for nighttime energy use, the survey underscores the importance of advancing energy storage technology.

As homeowners become more informed about the benefits and implications of these technologies, it's clear that sustainable energy solutions are becoming an integral consideration for households across the United States.

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