FranklinWH Energy Storage surveyed 1,000 U.S. adults and found that while nearly three in four Americans (73%) agree that solar energy is a good investment for their homes, a lack of knowledge is preventing them from taking the next step.
Electricity prices increased at twice the rate of overall inflation in 2022, but an alarming 73% of Americans were not aware of this trend. This lack of knowledge about personal energy consumption along with misconceptions about the overall costs and benefits of pairing home energy management systems with batteries and solar panels stood in the way of widespread adoption and increased energy freedom.
Consumers don’t understand value of home battery storage | By pairing solar panels with battery storage systems, homeowners can save excess energy and use it whenever they prefer – at night, during a storm, and more.
However, more than half of Americans (56%) are not familiar with the benefits of home energy management systems with battery storage, and almost all (95%) agree solar panels would be more appealing if the power they generated could be stored and used during periods of minimal sunlight.
The costs outweigh the benefits – when not considering incentives | While installation costs and the cost of maintenance were top concerns regarding an energy storage system, most respondents were unaware of government incentives that alleviate the financial burden. Two-thirds of respondents (66%) would invest in an energy storage system if they qualified for government incentives as part of the Investment Tax Credit (ITC).
In fact, lower electricity bills ranked as one of the most compelling benefits of home battery storage systems, alongside protection in the event of a power outage and increased value of a home. While consumers are aware of the benefits of renewable energy to lower energy bills, they’re largely unaware of incentives that make the transition affordable.
Lack of knowledge around alternative energy | Over one-third of respondents (36%) say they would not invest in an energy storage system simply because they don’t know enough about alternative energy options. This points to a broader trend of consumers not understanding their current energy usage.
Interestingly, younger generations are turning to social media to better understand their energy usage and efficiency. Gen Z respondents are using YouTube (35%) and TikTok (25%) as top sources of information to learn about energy efficiency, both ahead of their actual energy service provider.
In the coming years, solar and battery installers should prioritize meeting consumers where they are to better spread knowledge about the benefits of home battery storage systems, especially as the next generation of homeowners leans on social media for information.
“The survey findings highlight two conflicting truths – Americans want to reduce energy costs but aren’t yet aware of the multiple ways home battery storage systems can help them do so,” said Vincent Ambrose, CCO at FranklinWH. “There is a large market need for education and consumer resources that drive the switch to clean energy options. Right now, solar energy systems are considered a niche way to electrify a home. FranklinWH is committed to improving energy management and battery technology to make solar energy accessible across the globe and create a more sustainable world.”
For more on the FranklinWH energy storage and energy management system, check out this episode of The Pitch:
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