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Reducing energy costs is a top consumer priority when considering solar panels and battery storage systems, but lack of education stands in the way
SAN JOSE, Calif., Aug. 16, 2023 /PRNewswire/ -- FranklinWH Energy Storage Inc. ("FranklinWH"), a leader in whole-home energy management, today released new research highlighting key roadblocks for Americans looking to transition to clean energy. According to a survey of 1,000 U.S. adults, 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.
Study: Consumers Seek Solar Energy Savings, Lack Clean Energy Knowledge
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 Franklin Home Power solution provides homeowners with unprecedented control to monitor and optimize power consumption, allowing them to enjoy the cost-effective benefits of renewable energy.
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."
To learn more about the benefits of installing home energy systems, including our Franklin Home Power system, visit the FranklinWH website or hear firsthand from a homeowner.
About FranklinWH
FranklinWH Energy Storage is the manufacturer of the Franklin Home Power system. FranklinWH is a research-driven company focused on next-generation residential energy management and storage solutions. Founded in 2019 and headquartered in the San Francisco Bay Area, FranklinWH's team has decades of experience in energy systems, from design, through manufacturing, to sales and installation. FranklinWH is also AVL listed with multiple financial institutions. Learn more about how homeowners can achieve energy independence at franklinwh.com.
Media Contacts:
Brandon Sanchez, FranklinWH
media@franklinwh.com
Kyle Moschen, PAN Communications
Franklinwh@pancomm.com
