Homeowners Double Down on Their Investment in Renewables
Almost 50% of solar customers are looking to invest further in renewable energy for their home in 2021.
With the cost of household energy increasing, more than 2 million homeowners across Australia have now invested in solar. New research from fintech leader, Plenti has found almost 50% of these customers are looking to invest even further into renewable energy for their home.
Head of Renewable Energy Finance at Plenti, Louis Edwards says the results are another fantastic sign of the potential of solar in Australia.
The fact that so many green home Aussies want to invest even further in solar is a huge positive in times of economic uncertainty. To me this shows more people are realising the technology curve we are on, the benefit with new products like home batteries and the need to get in early to invest in their home energy future.
The consumer report surveyed 552 Australians nationwide who had purchased solar panels and/or battery storage for their home in the past two years. 99% of the homeowners surveyed were happy with their green energy purchase claiming an average monthly saving of $175/month. Further to this, 46% are either actively researching or keen to invest even further by upgrading their existing system with more solar panels or adding a battery to improve efficiency.
The research confirmed similar insights from Energy Consumers Australia (ECA) which in its most recent consumer expectations research concluded that consumers perceived there were long-term cost savings associated with renewables and wanted more access so they could reduce their bills.
Homeowners were frustrated with the price barrier to installing solar, while renters felt it was not an option for them at all. Increasing the accessibility of these technologies was seen as a key method for keeping costs down in the future, ECA found.
Plenti has funded over $100 million in renewable energy loans, helping everyday Aussies unlock affordable clean energy through flexible loans. Plenti works with 650 partners across Australia to install solar panels, batteries and a range of green technology.
The survey results also reflect what customers are telling solar installers and suppliers. Shinehub, a marketplace for solar installers across Australia, say they are seeing a significant number of good news stories from Aussie families getting smarter with the potential of renewable energy
ShineHub Founder Alex Georgiou said, "When you combine a solar battery with a virtual power plant package, you can easily cut your bills by 90% or more. Many of our customers are currently making money from their solar solution every quarter. Now that battery pricing has come down, it makes sense for a lot of people."
If you are interested in applying for a green loan, please get in touch with our renewable energy finance team on 1300 502 028.
Written byLouis Edwards
Louis joined Plenti in October 2017 and has proven expertise in renewable energy finance and in establishing and executing in new markets.