Independent study, commissioned by SunPower,
finds 88% of respondents would consider switching to solar but
perceived cost to switch holding them back
Nearly 250 million Americans unaware of the
$369 billion in federal clean energy
benefits and tax credits available in the IRA
RICHMOND, Calif., June 28,
2023 /PRNewswire/ -- With grid energy costs
increasing steadily, American consumers are making sacrifices to
pay their energy bills and becoming more energy-conscious according
to independent research commissioned by SunPower (NASDAQ:SPWR). In
the second iteration of its Energy Switch Index, the company
surveyed more than 2,000 Americans to better understand consumers'
energy preferences and the impact the Inflation Reduction Act (IRA)
is making on consumers' transition to clean energy.
Key findings from the SunPower Energy Switch Index 2023 survey
include:
Mounting electricity bills giving rise to the
energy-conscious consumer
Americans are increasingly worried
about paying their energy bills. In fact, one in five fear they
eventually won't be able to afford their monthly bill. Nine in 10
surveyed have already tried at least one thing to reduce their
electricity bill, and one in 10 say they have delayed other
important payments, such as a medical bill, because electricity
costs are so high.
America is ready to embrace solar energy,
Today,
nearly nine in 10 Americans (88%) say they would consider switching
to solar. 78% say they think installing a solar system would lower
their monthly energy expenses. This perception is supported by
SunPower's own findings that SunPower customers can save an average
of $213/month on their electric bills
1.
However, many consumers are shying away from solar adoption
because they perceive the cost of making the switch as too high.
Nearly two in three Americans that would consider solar don't think
they could afford it for their home today.
Consumers seeking government assistance, but don't know about
the Inflation Reduction Act
61% of Americans who are
considering the switch to solar say they would do so if they
received a government incentive – yet remain in the dark about the
benefits that are available to them within the IRA. According to
the survey, nearly 250 million people 2 have either
never heard of the IRA — the largest climate bill designed to make
clean energy more accessible — don't know it offers tax credits for
making energy efficient improvements to your home, or dont think
they are eligible for it.
Further, the data shows that the communities that could benefit
most from the incentives in the IRA – lower-middle income,
women, and millennials and Gen Z — are least familiar with its
benefits. Only four out of ten Americans who earn less than
$50,000 are planning to take
advantage of the legislation's benefits in comparison to 57% of
their higher-earning peers. While 71% of Gen Z respondents said
they plan to buy a home in the next five years, only one in three
know about the IRA — a large delta for climate-conscious future
homebuyers.
However, Americans that are familiar with the IRA are more
likely to believe clean energy solutions are within reach. Those
that know about the legislation are 50% more likely to think they
can afford solar today and two times as likely as to say they plan
to install energy efficiency appliances like induction stoves or
heat pumps.
"Americans deserve cleaner, more resilient and more affordable
energy. More than 100 million homes could save money today by
switching to solar," said Peter
Faricy, SunPower CEO. "SunPower is committed to providing
the best solar solutions and experience, as well as making
renewable energy accessible to all Americans. With the Inflation
Reduction Act and financing options that offer low monthly
payments, there has never been a better time to make the
switch."
"Americans are ready to embrace solar and take the first steps
towards a more affordable, more efficient and all-electric future,"
said Stephen Pantano, Head of Market
Transformation at Rewiring America. "At Rewiring America, we are
busy building the resources and tools that will help close the
gap between awareness and action that this survey reveals. We're
glad to collaborate with SunPower to ensure that everyone can take
advantage of the Inflation Reduction Act's historic
incentives."
To download the full Energy Switch Index 2023, visit
www.sunpower.com/ESI.
For more information about available tools and resources to
learn more about the IRA including Rewiring America's IRA Savings
Calculator to see what incentives homeowners qualify for, visit
https://us.sunpower.com/blog/2023/06/22/homeowner-guide-inflation-reduction-act.
Methodology
The SunPower Energy Switch Index surveyed
2,005 nationally representative Americans aged 18+. The surveyed
sample was used to provide a real-life representation of the larger
U.S. Adults population based on the U.S. Census. The independent
survey was conducted by Wired Research online between February 17 and February 27, 2023. The
study has a margin of error of +/- 2.2%.
About SunPower
SunPower (NASDAQ:SPWR) is a leading
solar, storage and energy services provider in North America. SunPower offers solar + storage
solutions designed and warranted by one company that gives
customers control over electricity consumption and resiliency
during power outages while providing cost savings to homeowners.
For more information, visit www.sunpower.com.
About Wired Research
Wired Research is a leading
insights consultancy, partnering with brands big and small. For
more information about Wired Research, please
visit www.wiredresearch.com.
About Rewiring America
Rewiring America, the leading
U.S. nonprofit working to electrify our communities, is building
industry partnerships and online tools to help solve the knowledge
gap Americans have about the Inflation Reduction Act. We believe in
an abundant, flourishing, climate-safe future, and know that,
together, we can realize one. For more information, visit
www.rewiringamerica.org.
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including, but not
limited to, statements regarding business plans and cost savings.
These forward-looking statements are based on our current
assumptions, expectations and beliefs and involve substantial risks
and uncertainties that may cause results, performance or
achievement to materially differ from those expressed or implied by
these forward-looking statements. Factors that could cause or
contribute to such differences include, but are not limited to,
regulatory changes and the availability of economic incentives
promoting use of solar energy and fluctuations or declines in the
performance of our solar panels and other products and solutions. A
detailed discussion of these factors and other risks that affect
our business is included in filings we make with the Securities and
Exchange Commission (SEC) from time to time, including our most
recent reports on Form 10-K and Form 10-Q, particularly under the
heading "Risk Factors." Copies of these filings are available
online from the SEC or on the SEC Filings section of our Investor
Relations website at investors.sunpower.com. All forward-looking
statements in this press release are based on information currently
available to us, and we assume no obligation to update these
forward-looking statements in light of new information or future
events.
1. Results may not be typical. Savings will vary. Savings
calculated from estimated SunPower customer data based on local
utility rates on 05/30/2023.
2. The surveyed sample was used to provide a real-life
representation of the larger U.S. Adults population based on the
U.S. Census.
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SOURCE SunPower Corp.